Recent developments in the cryptocurrency market have drawn the attention of analysts as a significant withdrawal of TRUMP tokens raises questions about upcoming trends and prices.
What Does Whale’s Withdrawal Mean?
The MemeCore_ORG wallet withdrew 1.39 million TRUMP tokens worth $17.8 million over the past two weeks, including 363K TRUMP ($4.46M) and 269K TRUMP ($3.56M). This raises questions about the intentions of the new wallet that withdrew 900K TRUMP, as such activity may indicate long-term investments or short-term profit-seeking.
TRUMP Coin Price Action Analysis
The 2-hour TRUMP/USDT chart showed a swing long entry zone of $8.20-$8.35, which provided strong historic support. TRUMP Coin was often seen trading near $10.45 but struggled to maintain above the resistance level at $11.00. A drop into the $8.20-$8.35 range could potentially trigger a strong upward movement towards $9.48 and $11.00.
Analysis of TRUMP’s Long/Short Positions
The TRUMP Coin Long/Short ratio was 1.058, with long positions at 51.41% and short positions at 48.59%. This distribution indicates that traders generally lean towards bullish positions, but the sizes of both are balanced. An increase in long positions could drive prices higher if demand in the market persists.
Monitoring the withdrawals of major investors and the price behavior of TRUMP Coin can help traders make informed decisions. It's important to keep an eye on trading volumes and support levels to better understand future trends.
