- Trump reaffirms strong pro-crypto stance, citing global competition and resilience of digital assets.
- TRUMP token drops over 85% from its peak as RSI and MACD show bearish signals.
- Exclusive dinner announcement temporarily boosts token but drew bipartisan scrutiny.
President Donald Trump is doubling down on his support for cryptocurrency, urging the U.S. to lead digital asset innovation or get left behind by global competitors like China. Speaking recently on NBC’s Meet the Press, Trump emphasized crypto’s resilience and importance.
“Crypto is too important to ignore,” Trump said, calling out the Biden administration’s inconsistent stance on the asset class. Trump also downplayed personal gains from the Official TRUMP token, stating, “I haven’t even looked,” when asked if he would contribute crypto-related earnings.
Ironically, despite Trump’s generally positive comments about crypto, the TRUMP token suffered a brutal crash, dropping over 85% from its all-time high of $75.35 to just above $11. Its market cap has shrunk to $2.2 billion, a stark contrast to the nearly $15 billion valuation it once commanded.
Technical Analysis: TRUMP Token at Key Support
On the 4-hour chart, TRUMP currently trades at $11.13, closing in on a crucial support zone. The Relative Strength Index (RSI) is hovering around 33, near the oversold region. This signals potential for a short-term bounce, but sustained bullish momentum is yet to return.
The MACD (Moving Average Convergence Divergence) indicator confirms that the MACD line (blue) remains below the signal line, indicating persistent bearish pressure. The histogram is still negative but the bears are narrowing, hinting at a potential reversal if volume supports it.
TRUMP recently retraced from its local high of $16.43 and key levels include 0.382 Fib at $13.60, 0.618 Fib at $12.09, and 0.786 Fib at $11.69. On the downside, $10.32 represents a vital support; a break below could open the door to further downside toward single-digit prices.
Dinner Event Sparks “Pay-to-Play” Concerns
The short-term rally triggered by Trump’s “Dinner with the President” campaign for the top 220 TRUMP holders was met with mixed reactions.
While the announcement sent the token soaring by 70% last week, it was followed by an abrupt dump, raising suspicions of “pump-and-dump” tactics. Critics, including Senators Warren and Schiff, have called for an ethics probe, citing concerns about monetizing presidential access.Even Republican allies like Senator Cynthia Lummis have expressed unease, saying the move “gives me pause,” despite being a long-standing supporter of both Trump and Bitcoin.
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