TRUMP Coin on Solana Nears $8.50: Can It Hit $10 or Face Reversal?
LTB TRUMP Coin on Solana Blockchain Nears $8.50 Resistance: Will It Reach $10?
Can a meme coin tied to the unpredictable world of politics break through its latest hurdle? The TRUMP coin, launched by former U.S. President Donald Trump on the Solana blockchain, has surged nearly 2% to hover just above $8. As the fourth largest meme coin with a market cap of $1.65 billion, it now faces a critical test at the $8.50 resistance level. Can it push through to hit the coveted $10 target?
- TRUMP coin up nearly 2%, above $8
- Faces $8.50 resistance, eyeing $10
- Risk of double-top reversal if it fails
The broader meme coin market is buzzing, with its total market cap swelling by nearly 5% to reach $47 billion. Within this vibrant ecosystem, the TRUMP coin’s ascent past the $8 mark is significant. But the real challenge lies in breaking through the $8.50 resistance level, which aligns with the 23.60% Fibonacci level—a point traders often watch closely as a potential turning point.
If you’re new to the crypto scene, think of the Fibonacci level like a map for mountain climbers; it helps predict where the next peak or valley might be. The TRUMP token has already demonstrated a bullish breakout from a long-term resistance trendline, a clear sign of strong upward momentum. It’s like watching a mountain climber who’s made it past several camps but now faces a steep cliff.
The coin has surpassed the 50 and 20 Exponential Moving Average (EMA) lines, which are like the average paths the price has taken over time. However, the 100 EMA line stands as a stubborn barrier. Despite this, the bulls are pushing hard against the overhead supply pressure, trying to break through the resistance.
Should the TRUMP coin shatter the $8.50 barrier, it could set its sights on the $10 psychological level, and potentially even reach $12.38 based on Fibonacci projections. But there’s a catch. If it fails to break through, a double-top reversal—a pattern where the price hits a high twice but can’t go further—looms, with the neckline at $8. This could push the price back into a consolidation zone between $7.30 and $8.52. The $7.30 level serves as a significant support zone, much like a safety net for climbers.
It’s worth noting that meme coins, especially those tied to public figures like Donald Trump, can be as volatile as a political debate. Launched on the Solana blockchain on January 17, 2025, the TRUMP coin once soared to $75.35 shortly after its debut, a reminder of its unpredictable nature. These political memecoins, or PolitiFi coins, not only serve as speculative investments but also as tools for political engagement. The TRUMP coin’s journey is intertwined with broader market trends, showing a high correlation with other cryptocurrencies like The Graph (GRT) and Jito (JTO).
However, the risks are real. With 11 out of 18 technical indicators signaling bearish sentiment, the TRUMP coin could face a period of consolidation or decline if it doesn’t break through the $8.50 resistance. Investors should be wary of the high volatility and consider diversification to mitigate risks. While predictions suggest a high of $10.85 by April 26, 2025, and an average of $23.03 for the year, the path forward is fraught with uncertainty.
On a lighter note, the world of political memecoins isn’t just about speculation. Some, like the MAGA token, contribute to charitable causes, adding a social impact dimension to the mix. And who knows? Maybe Melania Trump’s $MELANIA coin, launched shortly after TRUMP, will also make waves in the market.
As we watch the TRUMP coin’s battle at the $8.50 resistance, it’s clear that the journey ahead will be anything but dull. Will it break through to $10, or will it face a double-top reversal? Only time will tell, but one thing’s for sure: in the world of meme coins, anything can happen. For more insights on how the TRUMP coin is performing, check out discussions on Reddit.
Key Takeaways and Questions
- What is the current market position of the TRUMP coin?
The TRUMP coin has crossed the $8 mark and is currently facing resistance at $8.50, with a market cap of $1.65 billion.
- What technical indicators suggest a potential price movement for the TRUMP coin?
The coin has broken out from a long-term resistance trendline, surpassed the 50 and 20 EMA lines but faces resistance from the 100 EMA line. The $8.50 resistance level coincides with the 23.60% Fibonacci level, suggesting potential consolidation or breakout.
- What are the potential price targets for the TRUMP coin?
If it breaks through the $8.50 resistance, the coin could target the $10 level, with further potential to reach $12.38. If it fails, it may consolidate between $7.30 and $8.52.
- What risks does the TRUMP coin face according to the analysis?
There is a risk of a double-top reversal if the coin cannot break through the $8.50 resistance, with a potential neckline at $8.
- How does the TRUMP coin compare within the meme coin market?
The TRUMP coin is the fourth biggest meme coin by market cap, with a market cap of $1.65 billion within a segment that has reached $47 billion in total market cap.
