Official TRUMP (TRUMP) continued its downtrend, falling another 7.3% despite reports that Donald Trump and the White House have made significant purchases of the cryptocurrency. The question is whether this is enough to revitalize TRUMP and push it toward the $100 mark.
Trump’s personality and the TRUMP meme coin are making waves in the #cryptocurrency space, but the market’s decline is preventing significant growth.
the overall market is in the red zone, falling about 2% each day, and #bitcoin has fallen back into the $86,000 zone. Under such conditions, investors are questioning whether it is the season for altcoins in this bullish time.
optimism remains as the U. S. is reportedly considering increasing its cryptocurrency holdings and speculation around cryptocurrency stocks is raising expectations for potential market growth.
Recent statements from Donald Trump indicate his desire to make the US a global bitcoin superpower.
If the U. S. government starts buying bitcoin in large quantities, it could provide price stability and reduce market volatility. Unlike ETFs, government reserves are not tied to constant trading, which could lead to a steady increase in the price of bitcoin and the cryptocurrency market as a whole.
According to recent reports, Trump recently said at a cryptocurrency summit, Never sell bitcoin.
His endorsement has led to further speculation about the government’s involvement in the cryptocurrency sector.
Moreover, the U. S. government is reportedly looking for ways to acquire bitcoin without hurting taxpayers. There has also been speculation about the possible elimination of capital gains tax on bitcoin and cryptocurrency transactions.
Look at the price chart for one month, TRUMP’s peak coincides with Bitcoin’s peak, which reinforces this correlation. If Bitcoin returns to the $100000 mark, TRUMP could rise to the $70-100 range.
TRUMP currently seems to be stabilizing after a consolidation phase. Technical analysis shows that a breakout above the $13 resistance level could give a bullish impulse and push the #token to a higher resistance zone.
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