The newly launched Trump (TRUMP) meme coin is capturing significant attention, with a notable 24% upside momentum over the past 24 hours. Data from CoinMarketCap shows TRUMP currently trading around $20.15, following a breakout above the strong resistance level of $19.70.
TRUMP Price Action and Upcoming Level
This massive upside momentum has caused a breakout of the strong resistance level at $19.70 and opened the path for the meme coin to soar significantly in the coming days. However, the breakout is not yet complete.
Based on the recent price action and historical patterns, if the meme coin closes a four-hour candle above the $20.30 level, there is a strong possibility it could soar by 40% to reach the $29 level in the coming days.
Investors Dump $66 Million Worth TRUMP
Despite this bullish outlook, one thing currently raising concern is the record dumping of the TRUMP meme coin onto exchanges, which hints at potential selling pressure and could cause further price decline.
Data from the spot inflow/outflow revealed that exchanges have witnessed a significant $51 million worth of TRUMP meme coin in the past 24 hours. This substantial inflow onto exchanges is the largest recorded since the meme coin launched.
Traders Bullish Outlook
Besides long-term holders’ bearish market sentiment, intraday traders seem to be increasing their open positions. In the past 24 hours, TRUMP’s open interest has soared by 35%, indicating a massive jump in the building of new positions.
However, data also revealed that traders betting on the long side are currently dominating the asset. At press time, the major liquidation levels are $18.60 on the lower side and $21.36 on the upper side, with intraday traders overleveraged at these levels.
