Will Trump Memecoin Drop Further Amid Elon Musk Feud?: Trump Coin Faces Massive Selling Pressure

Key Insights

• Trump memecoin drop 15.2% in 7 days

• Trump memecoin is facing massive selling pressure as investors turn bearish

Trump Memecoin Experiencing Massive Selling

The Official TRUMP  [Trump coin] a politically inspired meme coin —has recently seen a massive loss in its price. For the last 2 weeks, the memecoin has traded under a descending. Within a fortnight, the memecoin is down from $15 to breach the $10 support level.

Currently, Trump is trading at $9.70 after dropping by 8.87% over the past 24 hours. On weekly timeframes, Trump has declined by 15.2% with this bearish trend also extending on monthly charts by 10.4%.

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The decline signals massive losses over the past 2 weeks wiping out all gains early made and turning them into losses. Will Trump memecoin drop further amid Elon Musk feud?

Trump derivatives data analysis shows a significant 262.14% increase in volume to $2.08 billion, with open interest down by 4.60% at $411.57 million.

Today, as Trump and Musk decided to fight publicly, his memecoin has suffered the most. Investors have turned to selling the coin. Trump coin saw a massive spike in volume surging 262% to hit a total of $2.08 billion with the current volume reaching $909 million. This sudden interest hides some important red flags when you look deeper at the data. 

This is because, the overall trend remains bearish, with lower highs and lower lows continuing since April. Even small rallies are quickly sold off. This says that the spike in volume is mostly individuals closing their positions.

That's why open interest has declined by 4.6% reaching $411 million. This drop in open interest suggests that traders are closing their positions just as fast as new money is entering. It could mean speculative hype is driving volume not long-term conviction.

Will Trump Memecoin Drop Further Amid Elon Musk Feud?

RSI Analysis: The chart depicts the daily price movement of Trump token against USD on Coinbase, with the current price at 9.76. Volume stands at 270.1k, while the RSI is at 43.33, indicating a potentially neutral to slightly bearish sentiment.

When we look at the Trump coin's Relative Strength Index (RSI) it currently sits at 33.93, just above the oversold zone (30). This suggests that TRUMP is struggling to gain upward momentum.

 RSI this low typically signals market exhaustion on the sell side but without a clear reversal pattern, it’s not enough to trigger confidence in buyers. Unless momentum shifts on-chain or in price structure, this pump in trading volume could just be noise or selling pressure. Therefore, from the current market structure and sentiment, Trump will most likely drop even more. If the Trump coin breaches $9 support, the next level will be $8.2.