Official Trump holds steady at $8.5 – What lies ahead as the bears take the lead?

Trump Media officially announced its plan to launch a utility TOKEN branded Truth. This proposed Token will be part of a larger reward program.

The Token will be integrated into the Truth digital wallet, initially allowing users to subscribe to the Truth+ service. The company avoids using the term "crypto" but implicitly suggests that it will utilize blockchain infrastructure.

US President Donald Trump has faced much criticism related to Official Trump (TRUMP). So what is the current situation of this original memecoin?

Token Trump is likely to start a bullish trend again

TRUMP Price Chart | Source: TradingViewThe price of TRUMP has once again tested the support level of 8.5 dollars. Over the past weekend, after dropping to the level of 8.5 dollars, the price has bounced back up to 9.01 dollars at the time of writing.

However, the market structure still leans towards a bearish trend and needs to surpass the local peak of 10.5 dollars to confirm a bullish trend.

Looking at a larger time frame, this memecoin has yet to break the $11 level since the beginning of June. On the contrary, the $8.5 support zone has been held steadily.

This shows that the Trump token is providing an attractive buying opportunity, with a target towards the resistance zone of $10.5.

The OBV indicator recorded a slight decline, while the RSI index at 39 reflects that the downward momentum is still dominant. Although this suggests that the downtrend may continue, traders can still confidently buy TRUMP.

They should expect the range model to continue until a clear breakout occurs. Currently, such a breakout has not yet happened.

TRUMP price chart | Source: TradingViewThe golden dotted line at the 8.95 dollar mark is the local low that the TRUMP bulls need to overcome. On the 4-hour chart, the market structure is still in a downtrend, but a surge above the 8.95 dollar level could change this.

The CMF indicator has maintained above +0.05 since August 1st, indicating that buying pressure is present, reinforcing the view that swing traders may consider buying in.

Overall, the idea of a bullish trade has a clear invalidation threshold - that is, if the price drops below $8.5.

The profit-to-risk ratio is currently leaning towards the positive side, especially if Official Trump can surpass the $8.95 mark.

Dinh Dinh