Trump Coin Plummets 15% Amid Market Panic, Bitcoin Drops to $74.5k

Official Trump [TRUMP] has been experiencing a continuous downtrend, with a significant 15% price drop in a 24-hour period, coinciding with a broader market panic that saw Bitcoin [BTC] plummet to $74.5k. This sharp decline in price, coupled with a nearly fourfold increase in trading volume, indicates a strong bearish sentiment across the market. Traders are advised to look for minor price bounces as potential selling opportunities.

The bearish market structure of TRUMP is evident across multiple timeframes, from 1-day to 1-hour charts. The 12-hour chart, in particular, has shown a bearish trend for the past three months. The On-Balance Volume (OBV) indicator, which measures buying and selling pressure, has fallen below local support, signaling that the accumulation made over the past three weeks has been wiped out by sellers. The Relative Strength Index (RSI) is at 23, indicating extreme bearish momentum and oversold conditions.

Despite the bearish outlook, there is a possibility that TRUMP bulls may defend the $7.6-level as support. This level corresponds to the 23.6% Fibonacci extension level and could potentially spark a minor price bounce. However, the 2-hour chart also shows strong bearishness, with the OBV on a downtrend and the RSI beginning to climb out of the oversold zone. A price bounce to the $9-level, which previously served as support, is likely to be met with a continuation of the bearish trend.

The next potential price target for TRUMP, according to the 12-hour chart, is the 61.8% extension level at $4.47. This suggests that the memecoin could continue its downward trajectory, with $5 being a potential target before reaching $4.47. The bearish dominance across multiple timeframes and the overwhelming selling pressure indicate that TRUMP may face further challenges in the near term.