Trump Coin (TRUMP) is drawing attention from traders who expect its potential rise amid technical analysis and increasing interest in derivatives.
Technical Analysis of Trump Coin
Since mid-May, TRUMP has traded within a narrow downward channel, capped by a falling wedge — a classic pattern often signaling a reversal. As the wedge approaches its final stages, there is potential for significant upside.
Increasing Interest in Derivatives
According to CoinGlass data, open interest in TRUMP derivatives increased by 3% in the last 24 hours. The long/short ratio stands at 1.11, with over 52% of traders positioned long, indicating growing speculative interest.
Risks and Macroeconomic Situation
Despite the technical optimism, Trump Coin is subject to macroeconomic factors. Ongoing uncertainty around the Israel-Iran conflict continues to weigh on meme coin sentiment as a whole. A breakdown of the wedge may invalidate the bullish pattern, and if the $9.15 level fails to hold, the next support level is $7.15, which would signify a 20% drop.
In conclusion, Trump Coin is on the brink of a potential breakout; however, traders should consider the risks associated with the macroeconomic situation and market expectations.
