President Donald Trump is ramping up support for cryptocurrency, urging the United States to lead the innovation of digital assets or be left behind by global competitors like China. In a recent appearance on NBC's Meet the Press, Trump emphasized the resilience and importance of cryptocurrency.
"Cryptocurrency is too important to ignore," Trump said, criticizing the Biden administration's inconsistent stance on this type of digital asset. Trump also downplayed personal profits from the official TRUMP token, stating, "I haven't even considered it," when asked whether he had earned any income related to cryptocurrency.
Ironically, despite Trump's overall positive comments about cryptocurrency, the TRUMP token has suffered a catastrophic collapse, dropping more than 85% from its all-time high of $75.35 to just over $11. Its market capitalization has decreased to $2.2 billion, in stark contrast to the nearly $15 billion valuation it once achieved.
Technical Analysis: TRUMP Token at Important Support Level
On the 4-hour chart, TRUMP is currently trading at $11.13, approaching a significant support area. The Relative Strength Index (RSI) is fluctuating around 33, near the oversold zone. This indicates potential for a short-term recovery, but sustainable bullish momentum has yet to return.
The MACD indicator ( Moving Average Convergence Divergence ) confirms that the green MACD line ( remains below the signal line, indicating persistent bearish pressure. The histogram chart remains negative, but the bears are narrowing, implying a potential reversal if support volume increases.
TRUMP recently pulled back from a local high of $16.43 and key levels include the 0.382 Fib at $13.60, the 0.618 Fib at $12.09, and the 0.786 Fib at $11.69. On the downside, $10.32 is an important support level; breaking below that could open the door for further declines towards single-digit price levels.
The Dinner Party Event Sparks Interest in "Pay-to-Play"
The short-term price increase caused by Trump's "Dinner with the President" campaign for 220 leading TRUMP stockholders has received mixed reactions.
While the announcement caused the token to surge 70% last week, it was followed by a sudden sell-off, raising doubts about the "pump and dump" strategy. Critics, including Senators Warren and Schiff, have called for an ethics investigation, citing concerns about profiting from presidential access.
Even Republican allies like Senator Cynthia Lummis have expressed concern, saying that this move "makes me stop," despite being a long-time supporter of both Trump and Bitcoin.
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TRUMP Token Faces Ethical Investigation, Price Drops From $75 To $11
President Donald Trump is ramping up support for cryptocurrency, urging the United States to lead the innovation of digital assets or be left behind by global competitors like China. In a recent appearance on NBC's Meet the Press, Trump emphasized the resilience and importance of cryptocurrency. "Cryptocurrency is too important to ignore," Trump said, criticizing the Biden administration's inconsistent stance on this type of digital asset. Trump also downplayed personal profits from the official TRUMP token, stating, "I haven't even considered it," when asked whether he had earned any income related to cryptocurrency. Ironically, despite Trump's overall positive comments about cryptocurrency, the TRUMP token has suffered a catastrophic collapse, dropping more than 85% from its all-time high of $75.35 to just over $11. Its market capitalization has decreased to $2.2 billion, in stark contrast to the nearly $15 billion valuation it once achieved. Technical Analysis: TRUMP Token at Important Support Level On the 4-hour chart, TRUMP is currently trading at $11.13, approaching a significant support area. The Relative Strength Index (RSI) is fluctuating around 33, near the oversold zone. This indicates potential for a short-term recovery, but sustainable bullish momentum has yet to return. The MACD indicator ( Moving Average Convergence Divergence ) confirms that the green MACD line ( remains below the signal line, indicating persistent bearish pressure. The histogram chart remains negative, but the bears are narrowing, implying a potential reversal if support volume increases.
TRUMP recently pulled back from a local high of $16.43 and key levels include the 0.382 Fib at $13.60, the 0.618 Fib at $12.09, and the 0.786 Fib at $11.69. On the downside, $10.32 is an important support level; breaking below that could open the door for further declines towards single-digit price levels. The Dinner Party Event Sparks Interest in "Pay-to-Play" The short-term price increase caused by Trump's "Dinner with the President" campaign for 220 leading TRUMP stockholders has received mixed reactions. While the announcement caused the token to surge 70% last week, it was followed by a sudden sell-off, raising doubts about the "pump and dump" strategy. Critics, including Senators Warren and Schiff, have called for an ethics investigation, citing concerns about profiting from presidential access. Even Republican allies like Senator Cynthia Lummis have expressed concern, saying that this move "makes me stop," despite being a long-time supporter of both Trump and Bitcoin.