The recent resistance levels of $14.6 and $16 have prevented TRUMP bulls from making further gains in the market. However, a dinner invitation to a private event with President Donald Trump has sparked renewed interest in the memecoin, potentially leading to sustained demand in the near future. The announcement of the exclusive dinner caused Official Trump (TRUMP) to surge by 75.2% on April 23rd, bringing new life to a previously bearish market.
The dinner invite was considered to be the most exclusive invitation in the world, with the top 220 holders of TRUMP being promised a private gala dinner with President Trump. Additionally, the top 25 holders would have the opportunity for an ultra-exclusive private VIP reception with the President. Prior to this announcement, TRUMP had been experiencing a downward trend, losing 80% of its value since January 20th. However, the recent pump has helped to narrow this gap to 71%, showing signs of a potential market reversal.
Following a Fibonacci retracement analysis, it was revealed that TRUMP had reached the 23.6% extension level at $7.6, forming a double bottom pattern. Despite the lack of demand for the memecoin before the dinner invite, a surge in trading volume over the past 36 hours has led to a bullish market structure. The resistance levels at $14.6 and $16 continue to pose a challenge for TRUMP, while bulls are expected to defend the $12.2, $10.7, and $10 support levels to maintain momentum in the market.
The Open Interest (OI) for TRUMP also saw a significant increase following the dinner invitation announcement, rising from $97 million to $207.9 million on Binance. This uptick in speculative interest indicates a growing bullish sentiment in the market. It is important to note that the information provided does not serve as financial or investment advice, and is based solely on the writer’s opinion. Overall, the recent events surrounding TRUMP have sparked renewed interest and potential for a bullish rally in the near future.
