Here’s why the Trump Coin price is rising today
Trump Coin price has rebounded by double digits as whale buying continues and exchange balances retreat ahead of the Federal Reserve interest rate decision.
- Trump Coin price has jumped by 78% from this month’s low.
- The rally happened as whales dumped and exchange balances fell.
- It also jumped after the Hedera, Solana, and Litecoin ETF approvals.
Official Trump (TRUMP) jumped to a high of $8.17 on Monday, Oct. 27, up by 78% from its lowest level this month. This rebound happened in a high-volume environment, with the 24-hour figure rising to $2.2 billion, higher than its market cap of $1.42 billion.
One reason why the Trump Coin price is rising is that whales have been accumulating the token in the past few weeks. They now hold 4.88 million tokens, up from last month’s low of 3.97 million. This is a sign that these investors expect the coin will rebound soon.
Whale buying has coincided with the ongoing decline of exchange reserves. There are now 129 million coins in exchanges, down from this month’s high of 132 million. Falling exchange reserves is a sign that investors are not selling their tokens despite the crash.
The other potential reason why the Trump token is rising is that the SEC has allowed the spot ETFs of popular coins like Hedera, Solana, and Litecoin.
As such, there is a possibility that the agency will approve the Canary TRUMP ETF, a move that may lead to more demand.
Trump Coin price rally is also because of the ongoing crypto market rebound as investors wait for the Fed interest rate decision. The expectation is that the bank will cut rates on Wednesday, a move that would boost the crypto market.
Trump Coin price technical analysis
The daily chart shows that the Trump meme coin token has rebounded, moving from this month’s low of $4.63 to $7. It has moved slightly above the upper side of the falling wedge pattern.
However, it is still too early to predict whether the ongoing gains will hold. It remains below the short and medium-term moving averages and the supertrend indicator.
Also, top trend indicators like ADX and the True Strength Index are showing some weakness. Therefore, the token will likely give up some of these gains and possibly move back to $5.
