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It is worth noting that this announcement came as the project’s first tranche of tokens destined to be allocated to insiders will be freed throughout the month.
This will increase TRUMP’s circulating supply and should, in theory, put some downward pressure on the asset. However, the timing of the announcement does not seem to be random. This may have been a strategy to cushion the impact of this supply increase in the near term by introducing a robust use case for TRUMP.
As the Relative Strength Index (RSI) steps off overbought levels and the MACD’s histogram shows that positive momentum is declining, this could be a good opportunity for late buyers to enter the rally.
Momentum is still favoring a bullish outlook and the price has moved above the point of control (POC), meaning that buyers are in control. The key support to watch for TRUMP in the near term stands at $11.5 – a level from which the price bounced during the most recent pullback.
DOGE Rally Stalls but Key Supports Still Hold
Dogecoin (DOGE) has underperformed its peers recently as the rally has failed to produce meaningful gains in the past week.
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