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The TrumpCoin price soared over 20% in the past 24 hours to trade at $0.009051 as of 7:40 a.m. EST as investors start to rapidly accumulate the meme coin.
This surge in the DJT price comes after the organizer for Bitcoin 2024 announced that former US President Donald Trump will be attending the event. He will give a 30 minute speech at 2:00 p.m. CT on the last day of the conference, which will take place between July 25 to July 27.
The TrumpCoin Price Testing A Major Resistance
4-hour chart for DJT/USD (Source: GeckoTerminal)
The TrumpCoin price was able to break above the $0.008048 resistance level over the past 24 hours. It then attempted to overcome the subsequent barrier at $0.008863 as well. However, bears have managed to prevent DJT from rising above this threshold.
If buyers can overpower sellers in the coming 12 hours, the TrumpCoin price could have the backing needed to flip the $0.008863 mark into support. This might then clear a path for the meme coin to potentially climb to as high as $0.011831 in the short term.
On the other hand, DJT getting rejected by the $0.008863 barrier could invalidate the bullish thesis. Traders might start to dump their holdings in the meme coin, which could lead to the TrumpCoin price testing the recently-breached $0.008048 price point. Continued sell pressure if the crypto drops to this level might then put DJT at risk of falling to $0.006453.
Technicals Warn The TrumpCoin Price Might Drop Soon
Technical indicators on DJT’s 4-hour chart warn that the TrumpCoin price might drop in the upcoming 24 hours. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are starting to show negative signs.
Throughout the past day of trading, the RSI has risen to 70. Although this signals the presence of bullish strength, it also indicates TrumpCoin is overbought. Traders usually see high RSI readings as short entries because they suggest a crypto’s downside potential is greater than its upside potential.
Meanwhile, the MACD line is positioned bullishly above the MACD Signal line. However, the prior has started to level off above the latter. This could signal that DJT’s bullish momentum has plateaued, which might be a precursor to a bearish trend reversal.
While the TrumpCoin price attempts to flip another major resistance level into support, investors are rushing to buy 99Bitcoins (99BTC) for potential 100X gains.
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