TrumpCoin Price Skyrockets Over 5000% on Romurs of Donald Trump Backing The Token
TrumpCoin (DJT) price has surged 5813% in the last 24 hours to trade at $0.000003483 as of 9:30 a.m. EST, as its daily trading volume rose to 12.3 million.
This pump comes after Pirate Wires posted on X suggesting that Donald Trump is launching an $DJT on Solana. According to the post, Trump’s son, Barron, is leading the project.
Per conversations, Trump is launching an official token — $DJT on Solana. Barron spearheading.
— Pirate Wires (@PirateWires) June 17, 2024
Trump-themed tokens, such as MAGA Again (MAGAA), Trump Mania (TMANIA), Doland Tremp (TREMP), Trumpie (TRUMPIE), and MAGA (Trump), faced significant losses among PolitiFi coins in the past 24 hours, plummeting over 57%, 51% and 38%, respectively. TREMP and TRUMP similarly experienced losses exceeding 30%.
Trump’s team hasn’t confirmed whether the former president is involved in the DJT token’s launch. Despite the Pirate Wires report, many in the crypto community are sceptical about his involvement.
Ryan Selkis, the founder of Messari and a vocal Trump supporter, posted on X saying there’s a “50-50” chance that the DJT token is either a legitimate project or a scam.
According to the Polymarket data, there is only a 21% chance that Trump is actually behind the DJT token launch.
I’m not 100% sure whether the Trump memecoin is real or an op, but I’m 50-50.
I offered to help the people that reached out with legal and biz intros but told them I wouldn’t take anything in return because I got the vibes that the guy who approached me is a Fed.
Stay safe!!!
— Ryan Selkis (d/acc) 🇺🇸 (@twobitidiot) June 17, 2024
Trumpcoin Price Statistics
- Trumpcoin price:$0.000003483
- Market Cap: $1.14 Million
- Daily Volume-12.31 Million
- Circulating Supply-420.69 Billion
- Total Supply- 420.69 Billion
TrumpCoin Price Signals A Bullish Trend Reversal Within A Falling Wedge Pattern
DJT price indicates a push and pull between the bulls and the bears, leading to a falling wedge pattern. The price is currently consolidating on the $0.000003553 support zone, forming a double bottom pattern signalling a bullish trend reversal in price. As the price approaches the end of the wedge, the diminishing volume suggests that the selling pressure is weakening, creating an ideal setup for a breakout.
DJTUSDT Analysis (Source: Dextools.io)
Despite the price trending downward from a peak at $0.000009650, the bulls are already regrouping to drive the price above its current all-time high.
TrumpCoin (DJT) is trading below its 50-day simple moving average (SMA), indicating that the bulls have more work to do to push the price above the 200-day SMA. Achieving this breakthrough would validate the bullish trend and serve as a strong signal for more investors to enter the market, potentially driving the price higher.
The Relative Strength Index (RSI) is trending downwards with signs of a bounce back from the midline level at 50. Additionally, the MACD indicator confirms this bullish trend, displaying green bars and a recent crossover above the signal line, further boosting confidence in a potential price increase.
TrumpCoin Price Bulls Poised for a Rally
DJT appears ready for a significant rally. The falling wedge pattern amplifies bullish momentum and pushes the price back towards the previous high of $0.000009550. To further validate this upward movement, traders should look for momentum indicators such as the RSI (Relative Strength Index) moving above 50.
These indicators would reinforce the bullish momentum, suggesting that the price could reach and surpass the current all-time high (ATH) of $0.000009550.
However, if the bears continue to dominate, the price could face significant downward pressure. The first crucial support level to watch is at $0.000003186. A drop to this level would indicate that the bearish sentiment remains strong. Additionally, Should the selling pressure intensify further, the price might break below the lower trendline of the wedge, currently around $0.000001880. This would invalidate the bullish reversal pattern and could trigger a more severe decline.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Charles Kibue
Charles Kibue is a cryptocurrency researcher and writer with published works on Crypto2Community and a range of other sites. He has also worked as a technical writer, researching NFTs and crypto projects. Charles is an English Literature graduate residing in Kenya. He possesses additional expertise in market analysis and offers accurate and reliable insights, staying up-to-date with the latest developments in the crypto industry. Beyond his professional pursuits, Charles enjoys hiking and horse riding in his leisure time.
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