Official Trump Token Bounces Above $8.5 Amid Bearish Pressure

Official Trump memecoin has shown resilience, holding above the $8.5 support level, a key psychological threshold that has repeatedly halted further declines [1]. Despite being in a broader downtrend, the token has bounced to around $8.89 following a test of the $8.5 level, signaling potential for a short-term recovery. Analysts note that a move above $9 could initiate a push toward $11.5, but a sustained break above $10.5 is necessary to flip the market structure from bearish to bullish [1].

The token’s immediate outlook depends heavily on whether it can stay above $8.5. A breakdown below this level could signal renewed bearish momentum and trigger further selling pressure. Meanwhile, technical indicators such as the Relative Strength Index (RSI) at 39 and the On-Balance Volume (OBV) suggest continued bearish momentum, though the CMF reading above +0.05 since August 1 points to some buying pressure [1].

Trump Media has announced plans to introduce a Truth-branded utility token as part of a larger rewards program integrated into a digital wallet, allowing users to subscribe to Truth+. While the company has avoided the term “cryptocurrency,” the use of blockchain infrastructure is strongly implied [1]. The introduction of a new token raises questions about its potential impact on the existing Official Trump token, though no direct link has been established.

The market remains influenced by broader macroeconomic factors, including the U.S. jobs report, which came in weaker than expected, increasing speculation about a potential Federal Reserve rate cut in September [2]. The political landscape also plays a role, with former U.S. President Donald Trump announcing new tariffs under an executive order, which may add to market volatility. Investors are keeping a close eye on trade discussions with China, especially ahead of a key review on August 12 [1].

In the broader crypto market, Bitcoin and Ethereum have both experienced recent pullbacks, with Bitcoin reaching near $112,000 and Ethereum bottoming out at around $3,400 before partial recoveries. These movements highlight the fragile nature of market sentiment amid ongoing uncertainty [2].

For the Official Trump token, the near-term focus remains on the $8.5 level. A sustained hold above this price could offer a buying opportunity, with the $10.5 level as a key target. However, without a decisive break above $10.5, the bearish trend is likely to persist [1].

Investors remain cautious, with the reward-risk ratio still in favor of bulls if the token can push past $8.95, a key resistance level. However, any drop below $8.5 would invalidate the bullish case and reinforce the bearish narrative. Given the current market structure and technical indicators, traders are advised to monitor the token’s behavior closely in the coming days for further direction [1].

Source:

[1] AMBCrypto. [Official Trump token holds on at $8.5: What’s next as bears stay in control?](https://ambcrypto.com/official-trump-token-holds-on-at-8-5-whats-next-as-bears-stay-in-control/)

[2] The Kobeissi Letter. [3 Things That May Move Crypto Markets This Week](https://cryptoadventure.com/3-things-that-may-move-crypto-markets-this-week/)