In recent weeks, the Official Trump cryptocurrency has experienced a sharp decline, losing over 80% of its value since January. This trend is also observed among other meme cryptocurrencies.
Sharp Decline in Official Trump Price
As of February 12, the Official Trump token price has dropped to $14.85, representing over an 80% decrease from its January peak. Its market capitalization fell from over $15 billion to $2.9 billion today.
Analysis of the Meme Cryptocurrency Market
Most meme cryptocurrencies show negative dynamics amid market corrections. Dogecoin has lost 25% over the past 30 days, while Shiba Inu has fallen by more than 28%. Other affected tokens include Pudgy Penguins and Dogwifhat.
Technical Analysis: Possible Recovery
Technical indicators suggest a potential recovery for the Official Trump token. The formation of a descending wedge pattern indicates a possible bullish reversal. The upper and lower trendlines are converging, often a precursor to price growth. The MACD indicator is also forming a bullish divergence, suggesting a potential recovery to the $22.75 resistance level.
The meme cryptocurrency market remains volatile with multiple factors contributing to sharp price fluctuations. Despite the current downturn, technical analysis indicates a possible short-term recovery for the Official Trump token.
