TRUMP Meme Coin Faces 13% Plunge if $8.40 Support Breaks
The TRUMP meme coin has formed a bearish head-and-shoulders pattern on the daily chart, with a critical support level at $8.40. A confirmed break below this neckline could trigger a 13% drop to around $7.30. Despite an 18% weekly decline, trading volume jumped 40%, signaling strong downside momentum. Technical indicators also show a weak RSI at 39, while Bollinger Bands near the lower boundary hint at a possible short-term bounce. On-chain data reveals $15 million of TRUMP flowed out of exchanges, suggesting accumulation, and traders have opened $5.36 million in long positions versus $3.52 million in shorts around key levels.
Bearish
The outlook for the TRUMP meme coin is bearish: the head-and-shoulders pattern and weak RSI indicate further selling pressure if the $8.40 support fails. The 40% surge in volume during price declines confirms dominant downside momentum. Although on-chain outflows suggest accumulation, traders are heavily leveraged near key levels, raising the risk of forced liquidations should bearish momentum continue. Historically, a break below a neckline often accelerates declines, making a 13% drop to $7.30 plausible in the short term. Long-term recovery will depend on renewed buying interest and stabilization above key support.