TL;DR
- The meme coin TRUMP is among the biggest losers today (April 3), with its price dipping to a six-week low.
- However, technical indicators, such as the declining RSI ratio, suggest a rebound might be on the way.
These Tokens Head South
The global trade war escalated earlier this week after the US President Donald Trump announced a new series of tariffs on the European Union, China, Japan, and many other countries. The cryptocurrency market reacted negatively to the news, with Bitcoin (BTC) slipping to $82,000.
The meme coin sector also took a blow, with some Trump-themed tokens dumping to multi-month lows. Official Trump (TRUMP) – the biggest of that type with a market cap of almost $1.8 billion – tanked by 14% on a daily scale and currently trades at just south of $9 (per CoinGecko’s data).
This is the lowest level observed since mid-January, when the asset saw the light of day. It was launched by President Trump’s team and quickly became one of the sensations in the crypto world.
On January 19, the token’s valuation exploded above $70, while its market capitalization skyrocketed to roughly $14.5 billion. Thus, TRUMP flipped Shiba Inu (SHIB) and briefly became the second-biggest meme coin, trailing only behind Dogecoin (DOGE). However, the peak was short-lived, and the coin has been on a massive downtrend ever since the billionaire officially stepped into the White House as America’s 47th president.
Other Trump-themed meme coins which have recorded painful losses in the past 24 hours include MAGA (-6%), PTRUMP (-8%), STRUMP (-9%), SUITRUMP (-11%), and more.
Traders should keep in mind that the aforementioned tokens are highly speculative and tend to spike or crash based on Trump-related news. The American president will likely remain in the spotlight due to his trade tariffs and other policies, meaning these meme coins could experience additional volatility in the short term.
TRUMP’s Next Potential Move
Several hours ago, the largest Trump-themed meme coin was trading slightly above $10. At that point, the renowned analyst Ali Martinez claimed losing that support level might lead to a quick drop to $8.
On the other hand, the asset’s Relative Strength Index (RSI) signals an incoming resurgence. The technical indicator varies from 0 to 100, as readings below 30 hint that TRUMP has entered oversold territory and might be poised for a rally. Conversely, anything above 70 is interpreted as a bearish sign. The RSI recently entered the bullish zone and is currently set at around 25.
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