Trump Coin (Official Trump/TRUMP) is experiencing quite a price surge despite a market-wide downturn. According to CoinGecko data, the memecoin has rallied 10.5% in the last 24 hoursThe coin is down by 8.1% on the monthly charts, but it was up 17.1% over the past month. The coin’s monthly chart is down 8.1%. Melania Meme, also known as Melania (MELANIA), is also popular. registering massive gains. MELANIA is up 21.7% on the daily charts, and 20.0% over the past seven days. We’ll discuss the reasons why First Family-based cryptos are on the rise today.
Why has the price of Trump Coin increased?
Trump Coin has seen a recent upswing after Trump said that the US and China may be close to a deal. Crypto market experienced a major liquidation after two countries engaged in a trading dispute. On Monday, President Trump said that the crypto market was experiencing a massive liquidation event. “I have a lot of respect for President Xi, and we are going to come away with the deal.“
Trump Coin’s prices also surged after US President pardoned Binance founder Changpeng Zhao (CZ). This may have led investors to feel more optimistic.
Although the rally has been welcomed, it is likely that Melania Meme and Official Trump will be facing a rapid price drop. Bitcoin (BTC), in spite of a recent recovery, still struggles to gain momentum. BTC is on the rise, and other crypto-assets may follow suit. TRUMP and MELANIA may be affected by investors who are looking to make profits following the recent price increase.
CoinCodex analysts also paint a bearish picture for Trump Coin (TRUMP). TRUMP’s price is predicted to fall to $4.81 per share on November 6. A fall of $4.81 in price from the current levels would mean a 30% correction.
It is possible that in the coming week, the crypto-market will pick up steam. Federal Reserve could reduce rates another 25 basis point. A possible trade agreement between China & the US may also increase investor sentiment. This could result in Trump Coin’s (TRUMP) upward trend continuing.
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Source: watcher.guru
