TRUMP has been facing a downward trend over the past month despite the buzz around US President Donald Trump's recent comments. Struggling to surpass the crucial resistance level of $17.14, the altcoin's price seems to be in a rut.
Nevertheless, investor confidence remains robust, and with the much-anticipated White House Crypto Summit on the horizon, there might be a glimmer of hope for a turnaround.
Positive Inflows Noted for TRUMP
The Chaikin Money Flow (CMF) indicator points to encouraging developments for TRUMP, sitting above the zero line indicative of more money flowing in than out. This signals investor optimism regarding the altcoin’s future prospects.
As the White House Crypto Summit approaches on March 7, investors are keen on seizing potential price shifts before the event kicks off. Many are gearing up to accumulate at lower levels in anticipation of the summit's impact on both the market and TRUMP's valuation.
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The favorable CMF reading hints at investors gearing up for a potential breakthrough. With the summit looming, TRUMP's price might witness an upward surge. Past trends show that significant events like these can sway altcoins, particularly when there's hope for new regulations or policy shifts in the crypto realm.
Strong Correlation with Bitcoin
TRUMP exhibits a robust correlation of 0.86 with Bitcoin (BTC), implying that the altcoin is likely to trail BTC's lead. Given BTC's susceptibility to broader market trends, TRUMP's value could ride Bitcoin's coattails if the fervor surrounding the White House Crypto Summit gains momentum.
Bitcoin's projected ascent in anticipation of the summit may lift TRUMP's price in tandem. This correlation indicates that a rise in BTC's value could propel TRUMP upwards. Should the overall market sentiment turn positive, both Bitcoin and TRUMP stand to gain from potential upswings, with TRUMP poised to reap the rewards of heightened attention during the summit.
Aims for Key Resistance
Currently priced at $13.38, TRUMP is holding steady above the crucial support level of $12.41, entrenched in a persistent downtrend over the past month. While breaching the pivotal resistance at $17.14 remains a challenge, the optimistic outlook fueled by the upcoming White House Crypto Summit could trigger a rally for TRUMP.
The altcoin's target is to establish $17.14 as a stable support level. A successful breakthrough could catapult TRUMP's price by 27%, aiming for $21.45, a substantial recovery from its current standing. The optimism surrounding the summit may act as a catalyst for this price surge.
On the flip side, failure to break the downtrend coupled with a downturn in market sentiment could see TRUMP slipping below the $12.41 support mark. This scenario might lead to a drop to $11.07, its current all-time low (ATL), or even lower, nullifying any bullish outlook.