$7 and Falling: Is OFFICIAL TRUMP (TRUMP) Lining Up for a Slide Toward the $5 Support Level?

• OFFICIAL TRUMP is currently hovering at $7.
• TRUMP’s trading volume is up by over 41%.

With a 3.75% loss, the cryptocurrency market is stuck in the red zone. The majority of the tokens’ prices are in a downtrend, and the broader sentiment across the board is fear, as the Fear and Greed Index value holds at 27. Both Bitcoin (BTC) and Ethereum (ETH) are diving to their former support. Meanwhile, OFFICIAL TRUMP (TRUMP) has registered a loss of over 6.59%

The asset began the day trading at a high of $7.86. Later, with the bearish encounter within the TRUMP market, the price fell toward a bottom range of $7.07. If the bearish pressure gained more traction, the price might steadily retrace to its previous lows, making the asset’s recovery difficult

The drop in value has made the OFFICIAL TRUMP price currently trade within the $7.31 zone, with the market cap reaching $1.46 billion. In addition, the daily trading volume has surged by over 41.91%, settling at $1.21 billion. As per Coinglass data, the market has seen a 24-hour liquidation of $4.49 million worth of TRUMP

Where is the Floor and Ceiling for the TRUMP Price Right Now?

The Moving Average Convergence Divergence line and the signal line of OFFICIAL TRUMP are below the zero line, indicating overall bearish momentum in the market. A MACD crossover above the signal line does not confirm strength unless both lines rise above zero.

*TRUMP chart (Source: TradingView)*Besides, the Chaikin Money Flow (CMF) indicator of TRUMP is positioned at -0.10, suggesting mild selling pressure in the market. Notably, the money is flowing out of the asset rather than in. As the value is close to zero, it hints at weak bearish momentum, not a strong downtrend.

With the bears in control, the OFFICIAL TRUMP price could test the crucial support range at $7.21. If the downside correction gains more strength, it might trigger the emergence of the death cross, gradually sending the price toward the $7.11 mark or even lower

On the upside, assuming the asset turns the ongoing momentum bullish, the price might climb to the nearest resistance at around $7.41. An extended bullish correction could push the golden cross out to take place, driving the OFFICIAL TRUMP price above $7.51

Moreover, the daily Relative Strength Index (RSI) of TRUMP at 40.57 implies its neutral-to-weak zone. It is not yet in the oversold zone, showing mild bearish pressure. It could signal consolidation or a potential bounce if buyers step in. OFFICIAL TRUMP’s Bull Bear Power (BBP) reading of -0.639 signals the dominance of bears in the market. They are pushing the price below, confirming weakening momentum.

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