TL;DR

• The meme coin TRUMP is among the biggest losers today, with its price dipping to a six-week low.
• However, technical indicators, such as the declining RSI ratio, suggest a rebound might be on the way.

These Tokens Head South

The global trade war escalated earlier this week after the US President Donald Trump announced a new series of tariffs on the European Union, China, Japan, and many other countries. The cryptocurrency market reacted negatively to the news, with Bitcoin (BTC) slipping to $82,000.

The meme coin sector also took a blow, with some Trump-themed tokens dumping to multi-month lows. Official Trump (TRUMP) – the biggest of that type with a market cap of almost $1.8 billion – tanked by 14% on a daily scale and currently trades at just south of $9 (per CoinGecko’s data).

TRUMP’s Price Plunge

This is the lowest level observed since mid-January, when the asset saw the light of day. It was launched by President Trump’s team and quickly became one of the sensations in the crypto world.

On January 19, the token’s valuation exploded above $70, while its market capitalization skyrocketed to roughly $14.5 billion. Thus, TRUMP flipped Shiba Inu (SHIB) and briefly became the second-biggest meme coin, trailing only behind Dogecoin (DOGE). However, the peak was short-lived, and the coin has been on a massive downtrend ever since the billionaire officially stepped into the White House as America’s 47th president.

Other Trump-Themed Meme Coins

Other Trump-themed meme coins which have recorded painful losses in the past 24 hours include MAGA (-6%), PTRUMP (-8%), STRUMP (-9%), SUITRUMP (-11%), and more.

TRUMP’s Next Potential Move

Several hours ago, the largest Trump-themed meme coin was trading slightly above $10. At that point, the renowned analyst Ali Martinez claimed losing that support level might lead to a quick drop to $8.

On the other hand, the asset’s Relative Strength Index (RSI) signals an incoming resurgence. The technical indicator varies from 0 to 100, as readings below 30 hint that TRUMP has entered oversold territory and might be poised for a rally.

Conclusion

TRUMP’s price plunge is a significant event in the cryptocurrency market, with the meme coin’s valuation plummeting to a six-week low. While the RSI indicates a potential rebound, traders should keep in mind that the token’s performance is highly speculative and tends to spike or crash based on Trump-related news.

FAQs

Q: What is the current price of TRUMP?

A: TRUMP is currently trading at just south of $9 (per CoinGecko’s data).

Q: What is the market capitalization of TRUMP?

A: TRUMP’s market capitalization is almost $1.8 billion.

Q: What is the reason behind TRUMP’s price plunge?

A: The global trade war escalated earlier this week after the US President Donald Trump announced a new series of tariffs on the European Union, China, Japan, and many other countries.

Q: What is the Relative Strength Index (RSI) and how does it affect TRUMP’s price?

A: The RSI is a technical indicator that varies from 0 to 100, as readings below 30 hint that TRUMP has entered oversold territory and might be poised for a rally. The RSI recently entered the bullish zone and is currently set at around 25.

Q: Are Trump-themed meme coins highly speculative?

A: Yes, Trump-themed meme coins are highly speculative and tend to spike or crash based on Trump-related news.

Q: What is the potential move of TRUMP in the short term?

A: The renowned analyst Ali Martinez claimed losing the $10 support level might lead to a quick drop to $8. On the other hand, the RSI signals an incoming resurgence.