Bitcoin News Today: Canary's TRUMP ETF Fails to Push Price Past $8.45 Resistance

Canary Capital’s proposed spot ETF for the TRUMP meme coin has not yet managed to push the asset above the $8.45 resistance level. Despite the firm's bold move into the politically driven crypto space, the TRUMP token remains stuck in a trading range between $8.10 and $8.45, with recent price action showing a decline of 1.19%, bringing the price to $8.32 [1]. The failure to break through the $8.45 threshold highlights the ongoing challenges meme coins face in terms of institutional acceptance and broader investor confidence.

Canary Capital’s initiative marks an aggressive foray into the realm of internet-driven crypto products. The firm filed its ETF proposal just a day after submitting a similar one for U.S.-minted crypto tokens, signaling a clear strategy to capitalize on politically charged narratives in digital assets [1]. This move reflects the growing appetite for unconventional crypto investment vehicles, particularly those driven by cultural and political themes rather than traditional technological underpinnings.

The TRUMP token itself emerged shortly before the inauguration of former U.S. President Donald Trump and quickly became a subject of intense online speculation. Its rapid adoption by exchanges and its association with a high-profile political figure have led to significant controversy. Critics argue that the token's close connection to a raises concerns about conflicts of interest and regulatory oversight. However, the White House has denied any impropriety, stating that the President’s assets are managed through family trusts [1].

Despite the ETF filing, technical indicators suggest a cautious market outlook. Trading volume has dipped by 4.62% to $462 million, and the RSI remains near 45, indicating neither strong buying nor selling pressure [1]. The MACD shows lingering bearish momentum, though the narrowing gap suggests potential for stabilization. Price action continues to test the $8.45 resistance level without success, with repeated rejections observed during intraday trading.

This pattern is not unique to the TRUMP token. Similar price behaviors have been observed in other major crypto assets, where key resistance levels persist despite positive news or institutional developments [2]. This reinforces the idea that market liquidity and sentiment remain tightly clustered at strategic price points, and without broader participation or fundamental improvements, even bullish catalysts may fail to drive sustained price movement.

The proposed ETF could eventually serve as a gateway for institutional investors seeking exposure to meme coins in a regulated format, but for now, it has not generated enough momentum to break through the $8.45 level. Investors appear to be waiting for more decisive signals before committing capital, and until the TRUMP coin can convincingly overcome this resistance, its path to a meaningful price increase remains uncertain.

Source:

[1] Canary’s ETF News Fails to Break TRUMP Coin Past $8.45 Resistance, Coin Edition (https://coinedition.com/canarys-etf-news-fails-to-break-trump-coin-past-8-45-resistance/)

[2] Boyaa fügt 290 BTC im Wert von 33,9 Mio. $ hinzu und hält ..., Coin Edition (https://coinedition.com/boyaa-interactive-kauft-290-bitcoin-fuer-339-millionen-us-dollar-und-erhoeht-den-bestand-auf-3-670-btc/)