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Key Insights:
- TRUMP crypto coin consolidates near $10 as altcoins experience bullish momentum.
- 90 million TRUMP tokens unlocking on July 18 could impact prices.
- Trump crypto coin faces potential volatility from large token unlock event.
Trump crypto coin has been stalling at nearly $10, trading at $9.93 as of press time, and has experienced a 2% price decline over the last 24 hours. Although the overall performance of altcoins has registered a lot of positive movement, the trend of TRUMP crypto has remained relatively unimpressive. All these stagnations come against a noteworthy increase in altcoin prices.
90 Million TRUMP Crypto Coins Unlock Approaching
Trump crypto coin will deploy 90 million tokens on July 18. Such a massive token unlock has generally caused a high selling pressure as the holders of the tokens aim to cash out the unlocked tokens.
This unlock event may increase price volatility, as it was observed in the past during similar-sized token releases.
Based on the 4-hour timeframe of Trump coin trading, the price has been consolidating around $10 after the strong push upwards. This has created a descending channel. The highest price was observed at $10.08, showing that the price is pulling back. This implies that this price level would be a high resistance zone.
Technical Indicators Point to Uncertain Waters for the TRUMP Crypto Coin
Considering technical indicators, we see that the Relative Strength Index (RSI) is at 57.17. Depending on how it goes, this points to an undecided market since it is not overbought or oversold. Since the RSI is moving within the range between 30 and 70, this indicates that the market is in a wait-and-see mood. The price of TRUMP might proceed in either direction, according to the general market trends.
The Awesome Oscillator indicator displays a positive histogram, indicating that the buying energy has been above selling pressure in the short term. However, there have been a few red bars, which could mean bears are also in play.
This bull market may, however, not last long as 90 million tokens will be unlocked shortly, and once the bull market attracts newly unlocked tokens, the trend might go the other way.
Altcoins Surge as TRUMP Crypto Coin Slags
The larger altcoin market is on the receiving end of a considerably large rally as compared to the Trump crypto coin. According to the most recent statistics, $FLOKI has soared with an enormous 23.61% rise, and $CRV has soared by 22.93%. $XRP recorded growth by 8.55%. Even Ethereum, with its market dominance and low volatility,y has rallied by 6.75% in the last 24 hours.
However, Trump crypto coin has not managed to pierce its resistance level, probably because of the approaching token unlock event and the general preference shift of investors to active altcoins.
The overall altcoin market mood is biased towards such altcoins, and their recent performance has given investors more confidence.
With the unlock approaching and the altcoin boom happening, Trump Coin is likely to remain volatile in the short term unless new factors can serve as bullish catalysts. However, the larger developments of the altcoin markets might in the short term, crowd out TRUMP as well.
