The TRUMP cryptocurrency showcases signs of recovery after an extended decline; however, the current market situation raises caution. Let's delve into the details.
TRUMP Price Dynamics
TRUMP has broken out of a descending triangle on the 4-hour chart, which usually signals weakness. Nevertheless, this time the price moved above the upper trendline, inspiring optimism. However, the strength of the move has been insufficient, with price fluctuation around 8.50–8.60, while resistance is forming at levels 8.85 and 9.06. These levels correspond to Fibonacci retracement levels, a tool traders use to identify potential pullbacks during a trend.
Whale Activity in TRUMP Market
Onchain Lens data suggests that one large whale withdrew 200,000 TRUMP (~$1.7M) from OKX. Over the past 40 days, this wallet has accumulated 625K TRUMP (~$5.3M), but currently shows an unrealized loss of nearly $900K. This behavior could indicate long-term investments or preparation to sell into the next rally.
Exchange Netflows and Sentiment Shifts
As of July 8, TRUMP’s netflows turned positive, indicating that crypto traders are preparing to sell rather than buy. Typically, positive netflows suggest participants are looking to secure profits. Additionally, TRUMP’s funding rate has slightly turned positive, which usually indicates a slight change in sentiment but is still not sufficient for robust optimism. Should the funding revert to negative, it will confirm the dominance of short positions in the market.
The TRUMP cryptocurrency demonstrates signs of activity, yet support and resistance at current levels raise doubts about the authenticity of the rally. The market has yet to provide clear signals of stable upward movement.
