- $TRUMP coin rejects key resistance near $8, triggering a sharp 12.93% drop.
- Volume spike supports bearish setup targeting $6.00-$6.50 support zone.
- EMA 200, SMA 50, and Bollinger Bands reinforce the downtrend sentiment.
The cryptocurrency market is buzzing as $TRUMP coin experiences a significant rejection in its latest price action, as highlighted by trader Cheds Trading on October 30. The accompanying chart, shared on X, reveals a detailed technical setup on the daily timeframe, showcasing a classic short setup that has drawn attention from the crypto community.
The price, currently hovering around $7.21 USD on Coinbase, faced a sharp rejection at a key resistance zone, marked by a downward-sloping trendline and a horizontal support level near $8.00. This rejection aligns with moving averages (EMA 200, SMA 50) and Bollinger Bands, reinforcing the bearish outlook.
Technical Indicators Confirm Bearish Rejection
The chart indicates that $TRUMP recently tested this critical level, only to see sellers step in with force, driving the price down by approximately 12.93% in a short span. This move suggests a potential continuation of the downtrend, with traders eyeing further declines toward the next support zone around $6.00-$6.50.
The volume spike during the rejection adds credibility to the setup, indicating strong market participation. For short-term traders, this presents an opportunity to capitalize on the momentum, while long-term holders might brace for volatility.
Next Support Levels and Trader Sentiments
Community reactions on X reflect a mix of optimism and caution. Some traders view this as a sign that bulls are losing control, while others see it as a temporary dip in an otherwise volatile asset. With the broader crypto market showing signs of instability—partly due to macroeconomic factors like trade tensions—the $TRUMP coin’s performance will be worth watching closely in the coming days. The market remains on edge, with technical indicators suggesting more downside unless a strong bullish reversal emerges. Stay tuned for updates as this setup unfolds.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
