As a reactionary step against U.S. President Donald Trump announcing fresh tariff arrangements against several countries, the crypto sector faced a major setback with the official Trump memecoin plummeting below $10 for the first time on Wednesday.
The official $TRUMP memecoin price is facing solid bearish pressure on the technical charts, as it has fallen more than 10% in the last 24 hours. Currently, it is trading below the 50-day and 200-day Exponential Moving Average (EMAs) suggesting extreme bearishness.
Experts believe that panic selling is due to tariff uncertainties. Concerns over a trade war hesitate investors to invest in riskier assets, and analysts caution about potential market turbulence.
Trump’s tariff announcement led to panic in the TRUMP crypto holders, as over the last month it has dropped by 24.08%, in seven days it is down by 19.59%, and in the last 24 hours it is fallen by approximately 10%.
According to LunarCrush data social engagement metrics are at the lowest point, suggesting negative sentiments among investors. The social metrics highlight that the mentions and engagement of TRUMP crypto on social media websites such as X, Reddit, Telegram, and more have decreased in recent times.
The technical indicators favor the sellers, suggesting a negative outlook for the buyers. RSI and MACD indicators are moving near the overbought zone, whereas the major EMA lines act as resistance for the TRUMP price.
On 3 April, TRUMP’s price opened at $10.44 then made a low of $8.99, and closed at $9.17, where the price dropped more than 12%, suggesting bearishness. Currently, it is taking support on $9.10. If this support level breaks, investors may witness further downside.
Moreover, at the time of writing, the OFFICIAL TRUMP ($TRUMP) price is trading at $9.374 with an intraday volume of $852.79 million and a market cap of $1.86 billion.
Also Read: Crypto Market Becomes Casualty to Trump’s Tariff Announcements
