The Official Trump (TRUMP), a recently launched coin on the Solana blockchain, is making waves and attracting a lot of attention from crypto enthusiasts. Today, January 22, 2024, the TRUMP meme coin is poised to see significant bullish momentum due to the formation of bullish price action on the hourly time frame.
TRUMP technical analysis and upcoming level
According to technical analysis from CoinPedia, TRUMP appears bullish, after breaking out of a small consolidation formed near a resistance level of $40. On top of that, the meme coin also broke from a trend it has been facing since January 19, 2024.
Following this breakout, sentiment is about to shift from a downtrend to an uptrend. Based on recent price action and historical price dynamics, if the TRUMP meme coin closes an hourly candle above the $45 level, there is a high chance that it will surge 40% to reaching the $63 level in the coming days.
On the positive side, with TRUMP’s Relative Strength Index (RSI) at 53, the meme coin indicates potential bullish momentum and suggests an ideal buying opportunity.
TRUMP’s $269 Million Outflows and Current Price Dynamics
At press time, the meme coin is trading near $42 and has seen a price increase of over 2.6% in the last 24 hours. However, over the same period, historical price dynamics show that trader and investor participation has declined, leading to a 50% drop in trading volume.
Despite lower participation, some investors and whales have been accumulating TRUMP coins as the token is currently down nearly 47% from its all-time high. Additionally, the tokens are supported by US President Donald Trump.
Additionally, data from spot inflow and outflow metrics from on-chain analytics firm Coinglass revealed that exchanges saw a significant outflow worth $268.8 million from TRUMP.
These substantial outflows from exchanges indicate potential accumulation and could soon impact TRUMP’s price and bullish momentum.
