The TRUMP price has struggled to maintain a consistent level today, with the meme coin returning to $9.01 after dipping as low as $8.89 in the past 24 hours.
Its current price means it has gained by 2% in a week, yet it’s now down by 13% in a month and by an alarming 87% since reaching an all-time high of $73.43 on January 19.
This was the day before Donald Trump’s inauguration, and since then the coin appears to have been on a terminal decline, save for a short-lived pump prior to an official dinner for the coin’s biggest holders in May.
As such, the token may continue to fall unless Trump does or announces something major to support it.
Official Trump Coin in Hot Waters, TRUMP Price Drops below $9 – What’s Next?
If we look at TRUMP’s chart today, we see that it continues to struggle for momentum, with its indicators mostly flatlining.
Most notably, its MACD (orange, blue) – a comparison of its short- and long-term averages – has been hovering around the baseline since late May.
This signals a pronounced lack of trading activity and demand for the token, which has also seen its relative strength index (yellow) hover below 50 for most of the past three months.
Source: TradingView
Meanwhile, TRUMP’s 24-hour trading volume has more or less fallen off a cliff, from an incredible $36 billion in January to only $300 million.
This is a 99% decline, indicating the steep drop-off in interest in TRUMP, which some of the President’s critics have labelled as a ‘bribery scheme.’
As such, TRUMP isn’t in a very good position right now, yet there is some hope that it could enjoy a rebound soon.
For one, the chart above highlights how the TRUMP price has been trading within a narrowing band over the past few months, something which could soon lead to a breakout.
At the same time, there appears to be some institutional interest in the token, with Canary Capital recently filing to launch a TRUMP ETF.
Assuming that this application is successful, the TRUMP price could potentially rebound to $20 by Q4, and $40 by the end of the year.
But if it isn’t, it’s possible that the coin will continue declining.
$1.25 Million for Maxi Doge Presale as Market Prepares Biggest Meme Coin Launch of the Year
While Official Trump may already be a lame duck, the market is currently awash with new and promising meme coins, including several tokens preparing to launch.
One of the most interesting is Maxi Doge (MAXI), an ERC-20 token that has now raised just over $1.25 million in its increasingly popular presale.
As its name suggests, Maxi Doge is a riff on ever-popular Doge memes, one which focuses on hyper-bullish cryptocurrency trading.
Proudly boasting that it “trades on 1000x leverage,” the project is building an online community which will reward aggressive market moves.
For instance, it will host regular trading competitions and contests on its social media channels (e.g. on Telegram and Discord), and winners of these competitions will earn rewards and appear on global leaderboards.
The aim here is to not only foster positive market behavior, but also to help promote Maxi Doge and attract more members to its community.
To this end, it will also maintain a Maxi Fund – equal to 25% of its 150.24 billion MAXI supply – that it will use secure partnerships and marketing.
Investors can join its presale by going to the Maxi Doge website, where MAXI is currently selling for $0.000253.
This price will rise in under three days, and will rise periodically until the sale ends.
Click Here to Participate in the Presale
The post Official Trump Coin in Hot Waters, TRUMP Price Drops below $9 – What’s Next? appeared first on Cryptonews.
