Donald Trump’s meme coin, OFFICIAL TRUMP (TRUMP), is making waves in the crypto market. Within just 24 hours of its launch, TRUMP has skyrocketed by 268%, reaching a market cap of over $14 billion. This surge propelled it into the top 20 cryptocurrencies—a remarkable feat.
However, warning signs of overbought conditions suggest the rally might not last long.
Is TRUMP Overbought?
Technical indicators reveal that TRUMP may be entering a correction phase. Its Relative Strength Index (RSI) has soared to 98.88, indicating extreme overbought conditions. The RSI, which ranges from 0 to 100, typically signals overbought levels above 70. At its current level, TRUMP’s RSI reflects intense buying pressure, which often precedes a market correction.
Adding to the concerns is TRUMP’s increasing Average True Range (ATR), now at 6.20. The ATR measures market volatility, and a rising value points to heightened uncertainty. With such volatility, TRUMP’s price is vulnerable to sharp swings, making its trajectory unpredictable.
TRUMP Price Prediction: Volatility Looms
The Fibonacci Retracement tool suggests TRUMP’s price may test support at $31.64 during a correction. If this level breaks, the token could fall further, potentially reaching $15.58.
However, sustained demand and increased accumulation could push TRUMP to new all-time highs, defying bearish predictions. Bulls need to maintain momentum to keep the rally alive and stabilize the token.
