Crypto
Here's Why Official Trump (TRUMP) Crypto is Up Today?
Despite ongoing market uncertainty, The Official Trump (TRUMP) crypto defies the broader crypto market with 22% price jump.
27d ago 4,280
BLOCKINSIDERLoadingDespite ongoing market uncertainty, The Official Trump (TRUMP) crypto defies the broader crypto market with 22% price jump.
Quick Take
Today, while the broader crypto market was struggling, The Official Trump (TRUMP) topped the market with a 22% price jump.
The potential key factor which seems to be driving this crazy upside move in the U.S. president-linked meme coin, easing tensions between the U.S. and Iran, significant TRUMP accumulation over the past month, and traders’ bullish bet.
As of writing, TRUMP was up 22% over the past 24 hours, and was trading at the $2.11 level. Market participants appear to be supporting this upward momentum, as reflected in the trading volume that jumped 230% to $651 million during the same period.
Rising volume alongside price suggests that traders and investors are potentially interested in TRUMP’s current trend.
In fact, today's gains helped TRUMP surpass major assets such as PancakeSwap (CAKE) and Injective (INJ).
Today's rally was potentially triggered by the easing of the US-Iran conflict. The report by a Bloomberg expert reveals that the Iran deal accomplishes core US objectives and Iran is near to reopening the Strait of Hormuz. However, so far, no confirmation has surfaced from the Iranian official, as this deal shows that the US will get enriched material under this deal.
Another factor that seems to be behind TRUMP's sharp price jump is potential accumulation over the past month. Data from analytics platform Nansen shows that top holders, whales, and smart money are heavily accumulating the token, while reserves on exchanges also declined notably, signaling strong bullish sentiment on-chain.
Data show that the holding of the top 100 addresses has climbed to 974.56 million TRUMP over the past 30 days. Meanwhile, smart money wallets during the same period followed the same pattern as their holdings surged by 872%, while whale wallets added 5% more tokens.
These data now only point to growing TRUMP demands among top holders, who often have a significant influence on the asset’s price. In fact, this also suggests that the meme coin may have a strong long-term outlook.
In addition to the investors and long-term holders, intraday traders also follow the bullish outlook, as reflected on the derivative platform Coinglass.
Data shows that TRUMP's long/short ratio on Binance has climbed to 2.8986, indicating strong bullish demand among top traders. Whereas its Open Interest (OI) also witnessed a massive spike of 65%, indicating a surge in trader participation and growing market interest in the asset.
According to TradingView's daily chart, TRUMP's short-term bias appears bullish as the recent price jump triggered a breakout of a strong key resistance level of $2.12 level. The chart shows that whenever the price of the meme coin comes to this key level, it always witnesses selling pressure and a price dip.
But this breakout and daily candle closing above this $2.12 key level seems to be opening the door for further upside potential.
Based on the current price action, if TRUMP remains above the $2.12 level, it could rally another 22% and may reach the $2.72 level in the coming days. However, this bullish thesis could be invalidated if the TRUMP price falls below the $2.12 level.
At press, the technical indicator, Average Directional Index (ADX) reaches 33.79, indicating TRUMP's strong directional trend, which reinforces the ongoing upside move.
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