The TRUMP cryptocurrency has reached unprecedented lows, losing substantial value over the past month. This decline has been primarily attributed to the tariff disputes initiated by the U.S. President.
Amid prevailing bearish market conditions, any potential recovery for TRUMP appears elusive. Consequently, traders are increasingly favoring short positions, reflecting a growing pessimism towards the asset's immediate prospects.
Funding rates for TRUMP have decreased to their lowest since mid-January, highlighting an increase in short contracts. This trend indicates a prevailing belief that further declines are likely, with long positions becoming less attractive. Continued selling pressure dominates as investor confidence wanes.
The absence of price stability has exacerbated bearish sentiment, prompting traders to exploit the downward trend rather than anticipate corrections. Without significant changes in market dynamics, this negative outlook is expected to endure, sustaining pressure on TRUMP's valuation.
Technical analysis further underscores TRUMP's weakening momentum. The Relative Strength Index (RSI) has stayed below the neutral 50.0 threshold since early February, indicating sustained bearish tendencies. The deepening RSI reflects increased selling and no immediate relief prospects.
Prolonged residence in negative RSI territory often signals extended downturns. TRUMP's current trend shows no divergence from this pattern, suggesting the selling pressure will persist. A recovery seems unlikely unless the RSI rises above the neutral line, implying further declines may occur.
Currently, TRUMP's price has plunged to a new all-time low of $14.29, an 11% drop within 24 hours. This decline followed the breach of the $16 support level. Without prompt stabilization, further depreciation is anticipated.
If the downward momentum continues, TRUMP's price might fall below the $10 benchmark, effectively wiping out its initial listing value. Such a move could escalate liquidation risks and push prices further into unknown territories. For any turnaround, TRUMP must retake the $19.58 support. A successful rally towards $26 could partially reclaim recent losses. However, given prevailing sentiments, a robust bullish reversal seems improbable without a significant market shift.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.