- On-chain indicators suggest a potential dump is smoldering.
- Traders are maintaining excessive leverage between $13.09 and $15.19.
Trump Memecoin [TRUMP] has created waves with an impressive price surge.
This meme coin has increased over 70% in a few days, reaching the important mark of $15. Naturally, exchanges have also recorded an inflow of $28.51 million, suggesting mixed selling pressure.
Market Sentiment and TRUMP Price Dynamics
The price surge originated from news that the top 220 holders of TRUMP could participate in a private gala with the president.
The event is expected on May 22nd, causing the price to break through multiple resistance levels. At the time of reporting, TRUMP was fluctuating near $15, increasing 16.10% in the past 24 hours.
With the continuous price increase, trader and investor participation has also heightened, leading to a 45% increase in the trading volume of the asset.
$28.51 Million TRUMP Inflow
However, not all investors maintain an optimistic outlook. On-chain analysis reveals some investors taking profits while others continue to bet on further price increases.
In fact, Spot inflow indicators reveal $28.51 million of TRUMP entered exchanges in the past 48 hours.
Source: CoinGlass
Large inflows to exchanges suggest a potential dump, creating selling pressure and possibly leading to price decline. However, with the current market sentiment, this scenario seems unlikely.
Moreover, traders appear very confident and boldly betting on the upward trend. At the time of writing, long positions worth $32.55 million overwhelm short positions worth $6.36 million.
Additionally, traders have built strong leveraged positions between $13.09 (support) and $15.19 (resistance).
Source: CoinGlass
Momentum Supporting Buyers
Considering trader bets, they are clearly strongly supporting the upward trend and currently dominating the memecoin. However, $15.19 appears to be a strong resistance level.
If this level is surpassed, TRUMP could witness a significant increase in the coming days.
On-chain indicators further show that traders betting on the upward trend outnumber those placing short orders, meaning more upward trades are open in the market.
Additionally, traders continue to build more long positions, with Open Interest increasing by 15% and the long/short ratio rising to 1.08, indicating strong trader sentiment.
Source: Coinglass
TRUMP Price Action and Key Levels
According to TinTucBitcoin's technical analysis, TRUMP shows an upward trend and is near the main resistance of $15.19 at the time of writing.
Source: TradingView
This level has a strong support history, but due to trade wars, this support level has been broken and now serves as a crucial resistance that will determine the next movement.
Based on current price action and historical patterns, if the memecoin breaks through the main level and closes the daily candle above $15.50, it could pave the way for a 35% surge until the price reaches $21.25 in the coming days.
However, TRUMP price predictions could become bearish if the price remains below $15.50.
