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TRUMP Meme Coin Surges 268%, Correction Imminent?

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.

TRUMP Relative Strength Index. Source: TradingView

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 ATR. Source: TradingView

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.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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