Due to the Trump meme coin’s 70% drop from its all-time high, a crypto trader who made money in the past is now $8.48 million in the negative. Where do we go from here? Cryptocurrency trading is a high-risk, high-reward endeavour because of the many factors at play, such as the trading skills of the investor and the market’s success. Drawing on their considerable knowledge, one crypto trader describes this situation beautifully. The second trade resulted in a loss of $8.48 million in TRUMP currency after the first trade yielded $22.7 million.
TRUMP Coin: An Exciting Crypto Trading Adventure
Among cryptocurrency enthusiasts, TRUMP—the official coin of US President Donald Trump—became popular very fast. Being an early adopter, this Bitcoin merchant gained millions. Without reinvesting the coin, the trader lost money. The original price of 1.03 million TRUMP was $1.79, as reported by Lookonchain X. Crypto Trader Loses, Upon the rise in value, the dealer sold all of these tokens for $22.7 million.
The individual’s initial TRUMP investment yielded millions. The identical token cost investors $16.7 million, or 309,514 TRUMP, which they then reinvested. Nevertheless, TRUMP joke coin values fell due to selling pressure. The trader lost $8.48 million as a result of the crypto market crisis and TRUMP’s 70%.
There will inevitably be winners and losers in the Bitcoin market, and crypto traders are no exception. Anxieties over Trump’s performance and concentration of power are abundant. Despite its association with the US president, the meme coin’s volatility has raised doubts about its potential return.
TRUMP Coin Has the Potential to Regain Value
The Trump token immediately became one of the most talked-about meme coins after its launch. On the day it entered consolidation and subsequently went into a full-blown slump, it peaked at $75.35. At its current price of $26.16, TRUMP has experienced a 50% decline this week. With a market cap of $5.23B and a trading volume of $3.64B, a 26% decrease over the previous 24 hours suggests that investor interest has declined. Conversely, the $25.35 horizontal support line is approaching for the Trump-themed meme token.
The coin can experience a surge if buying activity increases and the price remains over $30.39, a key resistance level. The half-Fibonacci retracement, which occurs at $39.43 and beyond, would resist prices attempting to break above this local high. A complete reversal of the downtrend would be indicated by an upside breakout. Traders should maintain a watch on the $77.77, $43.44, and $48.4 Fibonacci extension levels after the positive trend takes over completely.
Things You Must Remember Before Reading This Post
Cryptocurrencies are inherently volatile, as this trader’s recent moves show. The trader’s PNL drawdown exemplifies the extremely unpredictable nature of the cryptocurrency industry. This occurred simultaneously with the Trump coin experiencing a significant decline, losing 70% of its value from its eight-day peak. Although the coin is currently worth $26.16, its Fibonacci extension predicts that it has the potential to reach a price of $77.77. The trip may deviate somewhat from the planned schedule, so keep that in mind. Losses Suffer Crypto Trader Anyone thinking about putting their money into the market should be very cautious.
Summary
The cryptocurrency industry. This occurred simultaneously with the Trump coin experiencing a significant decline, losing 70% of its value from its eight-day peak. Crypto Trader Loses, Although the coin is currently worth $26.16, its Fibonacci extension predicts that it has the potential to reach a price of $77.77. The trip may deviate somewhat from the planned schedule, so keep that in mind.
