$TRUMP Coin Drops 13% After Key $8 Resistance Rejection

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  $TRUMP coin rejects key resistance near $8, triggering a sharp 12.93% drop.
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  Volume spike supports bearish setup targeting $6.00-$6.50 support zone.
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  EMA 200, SMA 50, and Bollinger Bands reinforce the downtrend sentiment.

The cryptocurrency market is buzzing as $TRUMP coin experiences a significant rejection in its latest price action, as highlighted by trader Cheds Trading on October 30. The accompanying chart, shared on X, reveals a detailed technical setup on the daily timeframe, showcasing a classic short setup that has drawn attention from the crypto community.

The price, currently hovering around $7.21 USD on Coinbase, faced a sharp rejection at a key resistance zone, marked by a downward-sloping trendline and a horizontal support level near $8.00. This rejection aligns with moving averages (EMA 200, SMA 50) and Bollinger Bands, reinforcing the bearish outlook.

Technical Indicators Confirm Bearish Rejection

$TRUMP recently tested this critical level, only to see sellers step in with force, driving the price down by approximately 12.93% in a short span. This move suggests a potential continuation of the downtrend, with traders eyeing further declines toward the next support zone around $6.00-$6.50.

The volume spike during the rejection adds credibility to the setup, indicating strong market participation. For short-term traders, this presents an opportunity to capitalize on the momentum, while long-term holders might brace for volatility.

Next Support Levels and Trader Sentiments

Community reactions on X reflect a mix of optimism and caution. Some traders view this as a sign that bulls are losing control, while others see it as a temporary dip in an otherwise volatile asset. With the broader crypto market showing signs of instability—partly due to macroeconomic factors like trade tensions—the $TRUMP coin’s performance will be worth watching closely in the coming days. The market remains on edge, with technical indicators suggesting more downside unless a strong bullish reversal emerges. Stay tuned for updates as this setup unfolds.