The memecoin sector posted overall gains, rising 0.93% to reach a total market cap of $29.93 billion.
At press time, the best-performing popular memes in the short-term were Pippin [PIPPIN] and Pudgy Penguins [PENGU], gaining 14.2% and 4.6%, respectively, in 24 hours.
Dogecoin [DOGE] was only up 0.59% for the day, by contrast, and Official Trump [TRUMP] was down by 4.23%. TRUMP has been one of the weakest memes over the past week, sliding 15.8% and operating within a longer-term downtrend.
In 2026, Official Trump has recorded a 39.6% drawdown. The bearish long-term trend meant that more losses were likely.
Plotting the next TRUMP price target
Source: TRUMP/USDT on TradingView
The first two weeks of the year saw a sizeable bounce across the crypto market, and Official Trump token prices also surged briefly above $5.5. Towards the end of January, the price fell below the previous swing low at $4.68 (orange).
This marked a continuation of the downtrend. Since then, the bears have remained in control, driving prices lower relentlessly. In early February, a big imbalance (white box) was left around $3.6-$4.1
Over the past month, TRUMP prices visited this area multiple times, but were unable to climb meaningfully into it. This highlighted the $4 zone as a powerful supply zone. At the time of writing, the price was below the psychological round number support at $3.
The Fibonacci extension levels showed that the next price targets were $2.368 and $1.312.
Should traders sell the bounce?
Source: TRUMP/USDT on TradingView
The 4-hour chart showed a bullish divergence between the price and the momentum. It was a sign that a price bounce was likely, but it would not be enough to reverse the downtrend. Instead, traders can use the price bounce to sell.
The Fibonacci retracement levels showed that the bounce could reach $3.01-$3.05. Traders can watch out for a bearish reaction from $2.95-3.05 before selling the memecoin.
Final Summary
- The memecoin sector saw some bullishness in the past 24 hours, but it was too little momentum to reverse the longer-term downtrend.
- TRUMP was one of the weaker-performing memes, and its downtrend looks likely to continue.
