The Official Trump (TRUMP) token experienced a sharp upward move, rallying 37% over a 24-hour period and gaining 80.3% across the week. The broader altcoin market saw renewed capital inflows into both Spot and Perpetuals markets following Bitcoin's recent move beyond $75,000.
Despite the weekend typically seeing a drop in Spot volumes, market sentiment remained bullish, accompanied by a 625% increase in daily trading volume according to CoinMarketCap data. On Thursday, August 20, U.S. President Donald Trump announced plans to acquire a significant amount of Bitcoin and other crypto assets. Following a minor pullback from an initial rise to $1.865 on the day of the announcement, the memecoin dipped to $1.60 before climbing to $2.55.
Technical indicators showed strong bullish momentum. On the 1-day timeframe, the On-Balance Volume (OBV) and the Money Flow Index reached multi-month highs, with the Money Flow Index registering an overbought reading of 93.5. Additionally, the Directional Movement Index pointed to a strong ongoing uptrend, though a daily session close above $2.38 was still required to confirm a bullish swing structure break.
On the 4-hour timeframe, technical indicators also reflected strong momentum, though analysts noted potential overextension. A retracement toward the $1.80 to $2.00 support area could present a buying opportunity following the shift in market structure. However, market participants were advised to monitor risk, as a price drop below $1.60 would signal that bears are regaining control.
