- Trump saw an increase of $ 52.5 million in the DEX volume, which indicates a potentially bullish momentum.
- Short liquidations rise, but low social dominance and negative sentiment limit further profit.
After the recent message from Donald Trump, Official [TRUMP] rose to $ 52.5 million in Dex volume, which led all other memecoins.
This enormous increase emphasizes the growing interest in Trump, which indicates a potential upward trend for token.
Despite this impressive volume of Trump, however, Trump’s price remains 85% below the all time of all time, which raises questions about the sustainability of this rally.
Participants in the market wonder whether this is the start of a new bullish phase or just another short -lived peak.
Break out or withdraw?
Trump recently broke from his consolidation zone, bounced the support level of $ 11.22 and climbs to $ 12.50.
This outbreak shows a strong bullish momentum, but traders must remain careful because resistance at higher levels could limit further price increases.
From the moment of the press, Trump traded at $ 11.78, with an increase of 3.31% compared to the last 24 hours. If the token support continues to keep above $ 11.22, the next key level to view is $ 12.59.
An outbreak outside this level could push Trump closer to $ 14.07, but a pullback is also possible before these levels are reached.
Source: TradingView
Are shorts pressed?
According to the latest data, $ 137.07k were liquidated in short positions, while only $ 75.96k were closed in long positions.
This shows that more short positions from the market are forced, which is usually a bullish indicator.
The rise in short liquidations can indicate the start of a short squeeze, further increasing the price of Trump. Therefore, if this trend continues, this can cause extra upward pressure on the price of the token.
Source: Coinglass
Will Trump’s Buzz continue?
Social volume for Trump is dramatically enriched, but it remained relatively low compared to the previous highlights. The social dominance was only 0.072%, which is considerably lower than during earlier rallies.
This suggested that although Trump received some attention, it has not yet achieved the level of widespread social interest that is needed to support a large meeting.
That is why the lack of significant social dominance can limit the potential for a persistent upward movement.
Source: Santiment
Does the market feel careful?
The open interest for Trump has risen by 3.55%, reached to $ 359.95 million, indicating a growing interest in the trading of the token. However, the total weighted sentiment is currently unfavorable, with a lecture of -0.269471.
This negative sentiment reflects a cautious view of traders, who remain skeptical about the long -term perspectives of the token despite the recent price increase.
As a result, traders must be careful and pay attention to changes in sentiment before they enter long positions.
Source: Santiment
Will Trump break out or withdraw?
Trump has shown a strong bullish momentum with his outbreak of the consolidation zone and the rise in short liquidations. However, low social dominance and negative sentiment suggest that a withdrawal remains a possibility.
Although token has the potential for an outbreak, traders must therefore remain vigilant and monitor the most important resistance levels at $ 12.59 and $ 14.07 to determine whether the rally can be sustained.
