The price of TRUMP has remained in a downtrend over the past month. Despite the recent comments from U.S. President Donald Trump that have drawn media attention, this altcoin is struggling to break through the important resistance level of $17.14.
However, investor sentiment remains strong, and there may be an opportunity for recovery with the upcoming White House Cryptocurrency Summit.
TRUMP, Strong Inflows
The Chaikin Money Flow (CMF) indicator is showing positive signals for TRUMP. The current indicator is above the 0 line, indicating that inflows are stronger than outflows. This suggests that investors are optimistic about the future of this altcoin.
Additionally, the White House Cryptocurrency Summit is scheduled for March 7th, and investors are looking to capitalize on price movements leading up to the event. Many are likely to accumulate at lower levels, anticipating the summit's impact on the market and TRUMP's price.
The positive CMF reading supports the notion that investors are positioning themselves for a potential breakout. As the summit approaches, the price of TRUMP may see an upward momentum. Historically, such significant events tend to impact altcoins, especially when there is optimism around new regulations or policy changes in the cryptocurrency space.
TRUMP shares a strong 0.86 correlation with Bitcoin (BTC), suggesting that this altcoin is likely to follow BTC's movements. Since BTC's price is also influenced by broader market trends, the continued high interest in the White House Cryptocurrency Summit could potentially drive TRUMP's price higher alongside Bitcoin.
The potential for Bitcoin to rise ahead of the summit could lift TRUMP's price. The correlation indicates that if BTC rises, TRUMP may also increase. If the broader market experiences positive momentum, both Bitcoin and TRUMP may be poised for potential rallies, and TRUMP could benefit from the increased attention during the summit.
TRUMP Price, Key Resistance Targets
Currently trading at $13.38, TRUMP is above the crucial support level of $12.41. The altcoin has been trapped in a month-long downtrend and has failed to break through the major resistance at $17.14. However, the positive sentiment surrounding the upcoming White House Cryptocurrency Summit could trigger a rally in TRUMP.
The target for this altcoin is to establish $17.14 as a support level. If successful, TRUMP's price could rally by 27% and reach $21.45, representing a significant recovery from current levels. The optimism around the summit could provide the necessary catalyst for this price movement.
On the other hand, if this altcoin fails to break the downtrend and market sentiment weakens, TRUMP could fall below the $12.41 support. This could lead to a decline to $11.07, the current all-time low (ATL) or even lower, potentially invalidating all positive outlooks.
