Bitcoin News Today: TRUMP Memecoin Dips 10.85% as Bitcoin's Dominance Rises Testing $9.70 Support Level

The TRUMP memecoin, a digital asset tied to former U.S. President Donald Trump, has retreated to a critical support level of $9.70 amid a broader market correction in the cryptocurrency sector. Over the past 24 hours, the token has experienced a significant decline of 10.85%, trading near $9.75 as of the latest report [1]. This drop aligns with a broader trend of rising Bitcoin dominance, which has surged over the past three days. In crypto markets, an increase in Bitcoin’s dominance often signals waning interest in alternative cryptocurrencies (altcoins), potentially pressuring altcoin prices [2].

Amid the volatility, traders and investors have displayed divergent strategies. While some are capitalizing on the price dip to accumulate the token, others are shorting it, as evidenced by a 30% increase in TRUMP’s trading volume compared to the previous day [3]. Despite the bearish momentum, crypto billionaire and Tron founder Justin Sun attempted to inject optimism by announcing that TRUMP has officially launched on the Tron blockchain. His July 24 post on X (formerly Twitter) emphasized the token’s globalization efforts, stating, “All roads lead to TRON.” However, the market has yet to react strongly to this news, with the price remaining near the $9.70 threshold [4].

Technical analysis from AMBCrypto highlights a critical juncture for TRUMP. The memecoin is approaching a convergence of key support levels on the four-hour chart, including horizontal support at $9.70 and an ascending trendline. If the price falls below $9.65, further losses could push the token toward $8.50—a 12.50% drop from the $9.70 level [5]. Conversely, a reversal above $9.70 could trigger a bullish rally. The Relative Strength Index (RSI) currently stands at 35, nearing the oversold territory of 30, which often precedes trend reversals [6].

CoinGlass data suggests that investors are already positioning themselves for potential rebounds, with accumulation activity intensifying during the recent pullback. However, the market’s bearish sentiment persists, as indicated by the TRUMP Long/Short Ratio of 0.91—a metric where a value below 1 typically reflects net short positions [7].

The interplay between macroeconomic factors and token-specific developments will likely shape TRUMP’s near-term trajectory. While Sun’s endorsement and the token’s Tron integration offer a narrative of growth, the broader altcoin market remains under pressure from Bitcoin’s strengthening dominance. Traders will be closely watching whether the $9.70 level holds as a psychological and technical floor, as a breakdown could amplify the downward trend. Conversely, a sustained rebound above this level might attract new buyers and validate the asset’s resilience in a challenging market environment.

---

Sources:

[1] [TRUMP slips to key levels – The memecoin eyes $9.70 support next](https://ambcrypto.com/trump-slips-to-key-levels-the-memecoin-eyes-9-70-support-next/)

[2] [TRUMP slips to key levels – The memecoin eyes $9.70 support next](https://ambcrypto.com/trump-slips-to-key-levels-the-memecoin-eyes-9-70-support-next/)

[3] [TRUMP slips to key levels – The memecoin eyes $9.70 support next](https://ambcrypto.com/trump-slips-to-key-levels-the-memecoin-eyes-9-70-support-next/)

[4] [TRUMP slips to key levels – The memecoin eyes $9.70 support next](https://ambcrypto.com/trump-slips-to-key-levels-the-memecoin-eyes-9-70-support-next/)

[5] [TRUMP slips to key levels – The memecoin eyes $9.70 support next](https://ambcrypto.com/trump-slips-to-key-levels-the-memecoin-eyes-9-70-support-next/)

[6] [TRUMP slips to key levels – The memecoin eyes $9.70 support next](https://ambcrypto.com/trump-slips-to-key-levels-the-memecoin-eyes-9-70-support-next/)

[7] [TRUMP slips to key levels – The memecoin eyes $9.70 support next](https://ambcrypto.com/trump-slips-to-key-levels-the-memecoin-eyes-9-70-support-next/)