The Official Trump [TRUMP] token is garnering massive attention from crypto enthusiasts, not only due to its continuous price decline but also because of recent developments involving the Trump team.
Recently, crypto transaction tracker The Data Nerd disclosed that the Trump team dumped a massive 381,000 TRUMP tokens, worth over $2 million, onto Binance, the world’s largest cryptocurrency exchange.
In the crypto landscape, when a wallet moves its assets to exchanges, it often suggests preparation for a sell-off and is considered a bearish signal.
Current price and rising volume
As this comes amid broader market uncertainty, its impact has been reflected in the asset’s price. As of press time, TRUMP’s price was trading at $4.95, down 6.25% over the past 24 hours.
Despite the price decline, a massive surge in market participation was recorded, with trading volume jumping 92% to $301.82 million.
This surge in trading volume, despite the price decline, suggests that traders and investors are showing strong interest in the current market trend.
In addition, TRUMP’s Open Interest (OI) continued to decline, falling by 4.88% today to $132.82 million. This drop in OI suggested waning interest and reduced speculative activity.
TRUMP price action and upcoming levels
According to AMBCrypto’s technical analysis, TRUMP appeared bearish on the daily chart and remained in a downtrend, as the price was trading below the 50-day Exponential Moving Average (EMA).
Source: TradingView
Based on current price action, the asset was respecting a local support level at $4.80, which was holding at press time and preventing a further downside move.
Price action suggests that if TRUMP remains above the $4.80 level, it could see an upside move; otherwise, a further price decline is likely.
As of press time, the technical indicator Average Directional Index (ADX), which measures the strength of a directional trend, reached 24.99—near the 25 threshold—indicating that TRUMP had developed a strong directional trend.
Investors’ and traders’ mixed sentiment
Data from the derivatives analytics platform CoinGlass revealed that both investors and traders were showing mixed sentiment, with some accumulating while others are betting on short positions.
Today, TRUMP’s Spot Inflow/Outflow metric showed that over the past 24 hours, $1.22 million worth of tokens flowed out of exchanges, suggesting potential accumulation.
Source: CoinGlass
During the same period, intraday traders were strongly betting on short-leveraged positions.
Traders are over-leveraged at $4.85 on the lower side and $5.05 on the upper side. At these levels, they have built $1.02 million worth of long-leveraged positions and $2.84 million worth of short-leveraged positions.
Source: CoinGlass
This clearly showed that the current market sentiment among traders and investors was mixed, with short-term sentiment remaining quite bearish, while the long-term outlook still appeared bullish.
Final Thoughts
- The Trump team dumped a massive 381,000 TRUMP tokens, worth over $2 million, onto Binance, hinting at potential preparation for a sell-off.
- Price action suggests that TRUMP is finding local support at $4.80. If this level holds, a potential reversal could occur; otherwise, the price may continue to decline.
Source: https://ambcrypto.com/trump-tests-4-80-as-teams-2-mln-deposit-shakes-market-confidence/
