A major crypto whale has withdrawn $2.35 million worth of TRUMP tokens from Gate.io, even as the token faces mounting selling pressure and hovers near a critical support level. The move comes amid a broader downtrend for the politically themed meme coin, which has seen its price slide to multi-month lows and technical indicators signaling little hope for a near-term recovery.
Whale Activity Highlights Market Uncertainty
On-chain data from Onchain Lens reveals that the whale now holds over 818,000 TRUMP tokens, valued at approximately $7.09 million. Despite this sizable position, the wallet is currently sitting on an unrealized loss of $1.62 million, reflecting the token’s sharp retracement from its all-time high of $24.57. The withdrawal underscores the uncertainty gripping the TRUMP market, as even large holders appear to be repositioning amid ongoing volatility.
Technical Analysis: Bearish Momentum Dominates
TRUMP’s price action remains decisively bearish. The token has broken below several key Fibonacci retracement levels, including $20.81, $17.05, and $13.30, and is now trading below the $9.55 support zone. At the time of writing, TRUMP is priced around $8.48, with weekly candles closing lower for six consecutive sessions—a clear sign of persistent downward momentum.
Short-term charts from Gate.io show the price consistently below the 20-period moving average, while Bollinger Bands have expanded, indicating increased volatility. The Awesome Oscillator prints deepening red bars, and the Relative Strength Index (RSI) sits at 31.25—near oversold territory, but with no sign of a reversal. The Accumulation/Distribution line has also flattened, suggesting weak buyer interest.
No Bullish Signals Despite Oversold Conditions
Despite the oversold technical readings, there are no signs of bullish divergence or a potential bounce. The market structure continues to print lower highs and lower lows, and unless TRUMP can reclaim the $9.50 level, the risk of further downside remains elevated.
Market Outlook: Volatility Ahead
Looking forward, analysts expect TRUMP to remain volatile, especially as political narratives intensify in the run-up to the U.S. elections. Price predictions for June 2025 suggest a possible range between $9.20 and $12.50, with the potential for sharp swings driven by news and sentiment shifts . However, the lack of a real-world use case and the current bearish momentum mean traders should remain cautious.
