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How Whale Selling Drives TRUMP Toward 40% Drop – Crypto News

Published

2 years ago

June 18, 2024

Dripp

MAGA Price Prediction: The cryptocurrency market prolonged the bearish trajectory on Tuesday as the leading digital asset Bitcoin plunged below $65000 support. The persistent selling pressure has triggered extended correction for major altcoins but impacted the meme sector most due to their volatile nature. Amid the downfall, the Donald Trump-related memecoin, MAGA dropped to a 5-week low of $5.6 as rumors of new DJT token and Whale selling.

Also Read: Bitcoin Price Hits One Month Low Dropping Under 50-DMA , More Downside Left?

MAGA Price Prediction: Drastic Fall Triggered by New Trump Token?

MEXC:TRUMPUSDT Chart — MAGA Price Prediction| Tradingview

The MAGA (Make America Great Again) cryptocurrency, also known as TRUMP, is a meme coin inspired by former U.S. President Donald Trump. The asset showed notable growth in May Month amid the pro-crypto stance of Donald Trump.

However, the first half of June has evaporated a notable portion of this growth amid the broader market correction and rumor that Donald Trump’s team launched an “official” token on Solana.

In a recent tweet, Pirate Wires, a notable platform for tech and culture news, has revealed that former President Donald Trump is launching an official token, with ticker DJT, on the Solana blockchain. The initiative is being spearheaded by his son, Barron Trump.

Per conversations, Trump is launching an official token — $DJT on Solana. Barron spearheading.

— Pirate Wires (@PirateWires) June 17, 2024

While Trump’s team has not officially confirmed this, the rumors have notably impacted the MAGA token value. From the June 1st High of $17.75, this meme coin tumbled 68.37% to hit a low of $5.61.

Also Read: New Donald Trump Meme Coin Chuan Pu Explodes Onto The Price Charts – Next 10x Crypto?

Moreover, the on-chain data tracker Lookonchain reported significant profit-taking by TRUMP token whales in a recent tweet. Key transactions include:

Wallet 0x52C0 sold 171,842 $TRUMP for 414 ETH ($1.44M), netting a $3.7M profit (1428% gain) in the past 24 hours.
Sighduck.eth sold 173,542 $TRUMP for 1.25M USDC, earning $1.88M (1500% gain) in one trade.
Wallet 0x35D1 sold 128,059 $TRUMP for 204 ETH ($703.6K), making $648K (1164% gain) in a single transaction.

These heavy transactions put additional supply pressure on MAGA tokens as smart money traders exiting could create negative sentiment toward the token’s growth potential.

Many $TRUMP whales sold $TRUMP for profits today!

0x52C0 sold 171,842 $TRUMP for 414 $ETH($1.44M) at $8.38 in the past 24 hours and made ~$3.7M(+1428%) on $TRUMP.https://t.co/ypys8DwW0p

sighduck.eth sold 173,542 $TRUMP for 1.25M $USDC in one trade 8 hours ago and made… pic.twitter.com/9t5F1Qn6za

— Lookonchain (@lookonchain) June 18, 2024

The Trump price currently trades at $7.58, seeking support at the 78.6% Fibonacci retracement level. The renewed demand pressure at this support is evidenced by the long-tail rejection candle in the daily chart.

However, the rejection candle is not sufficient for buyers to counter-attack and a better reversal signal is needed.

With the market sentiment still bearish, the TRUMP meme coin is at risk of a 40% fall to $4.1 if sellers give a closing below the $7.58 support.

Technical Indicators

EMAs: The coin price trading below the daily Exponential moving averages (20, 50, 100, and 200) indicates the path to least resistance is downward.
Moving Average Convergence Divergence: A negative crossover between the MACD (Blue) and the signal (orange) line indicates the sellers remain a dominant force in this asset.

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