- TRUMP could drop to $8 if it loses the $10 support level, says Ali Martinez.
- The resistance level for TRUMP is between $10.700 and $11.500, while it is currently trading at $10.163 (down 2.62%).
- Similar to the broader market, this token has been volatile in the last 12 hours.
A critical price analysis of the TRUMP token has been provided by Ali Martinez, a renowned cryptocurrency analyst. In a post on X, Martinez shared a chart showing the cryptocurrency’s price action on the Binance exchange.
The chart indicates that the token’s price below the $10 support could trigger a downward trend, bringing the token’s price to $8.
Potential Breakdown Signals a Critical Moment for TRUMP
Martinez’s chart shows a TRUMP/USDT perpetual contract on a four-hour time frame, with important support and resistance levels. It also shows that the memecoin’s price has been trading within a particular range, with the most recent price being $10.163, down 2.62% in the last session.
The token’s high in the last 24 hours was $10.668, followed by the low for today at $10.137, pointing to a narrow trading range as traders await the next movement. A rally in TRUMP once happened, and it caused the price to move above $12.500.
However, the token encountered strong resistance, which caused its price to retrace significantly. During the decline, the price first consolidated around $11.500, then broke down toward the $10.700 support.
The price has further declined because of the continued bearish pressure, now hovering around the critical $10 support level. As Martinez warns, if this level does not hold, TRUMP might fall towards another support level around $8; it also risks falling further below it.
Will Buyers Defend $10 or Give Way to Bears?
TRUMP has been closely watched by market participants to see whether it can maintain this position or if selling pressure will bring its price lower. If bearish momentum strengthens, stop losses will be triggered all around, playing out like a slope and dropping the market to the next major support zone.
However, a strong rebound from this level could indicate another attempt to break the $11.500 resistance.
