In an X post, Michaël van de Poppe, a cryptocurrency analyst, highlighted critical support levels for the TRUMP token, suggesting a correction to the $25-$30 range before a possible rally. According to his analysis, recent movements in the TRUMP cryptocurrency saw significant bounces of 36% and 70% at key levels, reinforcing the importance of these zones.
Van de Poppe believes consolidation in this range would establish a solid foundation for the next upward leg, offering a strategic entry point for investors. The chart analysis supports Van de Poppe’s perspective, showcasing two critical support regions.
The first zone, within the $50-$55 range, has already demonstrated a 36% rebound, highlighting its relevance for short-term traders. The second, lower zone between $40-$45, has historically triggered more potent bounces of up to 70%, underscoring its importance as a potential turning point for the market.
Volume trends further reinforce the significance of these levels, with strong market activity observed during rallies and corrections. Hence, Van de Poppe believes the $25-$30 range, in particular, presents a key area for consolidation, as reduced selling pressure and steady accumulation could establish the groundwork for the next bullish phase.
On-Chain Data Backs Market Predictions
On-chain data and market trends strongly support Michael van de Poppe’s prediction. For instance, the slightly positive OI-weighted funding rate at 0.0267% hints at a prevailing bullish sentiment, with long positions taking the lead. Yet, the absence of extreme leverage imbalances suggests a market poised for a much-needed consolidation phase rather than unchecked volatility.
The liquidation landscape tells a more dramatic story. Over two days, $186.85 million in positions was wiped out, with long liquidations dominating at $104.07 million. This imbalance highlights a surge of selling pressure that momentarily overpowered buying momentum, creating a turbulent environment for traders.
What’s striking is the sequence of events—an initial short squeeze propelled prices higher, forcing short sellers to exit, only to be followed by a wave of cascading long liquidations as the market corrected sharply. These back-to-back liquidations underscore the need for the market to find stability. The $25-$30 range emerges as the key battleground—a zone where the dust can settle, paving the way for a more robust and sustained rally.
Also Read: WIF Price Targets $5 Amid Consolidation Near Support
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