TRUMP Token Bleeds 10%, Is More Fall Ahead as Bears Tighten Grip?

The OFFICIAL TRUMP token decreased 10% intraday, indicating bearishness. The RSI and MACD indicators are in a bearish zone, suggesting bearishness. The OFFICIAL TRUMP price is showing bearish momentum following a test of a major resistance zone at $16.06. The current price action reflects a significant drop as the token is currently trading around $12.35, from the recent highs around $15.00, seen in early May. From the daily chart structure, TRUMP had a dramatic rise in late April, rising from around $8.00 to a peak above $15.50, representing almost a 100% increase. Since then, the token has created a horizontal resistance level around $16.00, which has successfully limited several rally attempts. The latest rejection from this resistance zone has caused the present downward movement. According to CMC data, the TRUMP price is currently trading at a level of just $12.35, which coincides with a prior consolidation zone. If this level cannot be sustained, then the next major support comes in at $9.97, which is a key area that buyers will need to defend to prevent a further correction. Will Trump Crypto Drop Below the $10.00 Mark? The additional bearish confirmation is given by the TRUMP technical indicators. The MACD indicates negative momentum with the main line, signal line, and histogram readings pointing bearishness. This bearish crossover signals increasing short-term downward pressure. The Social Sentiment indicator is sending mixed signals, indicating market sentiment is turning more negative as the recent downward price action plays out. This worsening mood may hasten selling if vital support levels are broken. On the other hand, RSI is at 41.97, which is below the centerline of 50, hence confirming the bearish bias. From the 9th of May, the RSI has been decreasing, and this implies that the bullish momentum is losing strength. The moving averages also paint a grim picture because price tests the 50-day EMA ($11.85) after breaking the 200-day EMA ($13.01). For traders, the best strategy might be to watch the $12.35 support level carefully. A clear daily close below this zone may trigger further selling to the $9.97 region. On the other hand, buyers would have to retest the $13.01 level to reverse the near-term bearish sentiment. Any long-term rally would encounter stiff opposition at the previous swing high at $16.00. This has clearly become a formidable ceiling for the TRUMP token in the last month. Highlighted Crypto News Today: ‌XRP Eyes $3: Will the Momentum Break Through Resistance? Source: https://thenewscrypto.com/trump-token-bleeds-10-is-more-fall-ahead-as-bears-tighten-grip/