Meme Coin News: DOGE Rally Stalls But TRUMP Could Rise to $17

Dogecoin (DOGE) and Official Trump (TRUMP) have parted ways in terms of performance in the past 24 hours as the top meme coin has booked mild gains of 0.6% while the President’s official token has plunged by 7.7% after a strong winning streak.

The aggregated market cap of meme coins as a whole has been nearly unchanged in the past day and currently sits at $56.6 billion. This figure has bounced strongly off this year’s low as Solana-based tokens like Fartcoin (FARTCOIN) and Bonk (BONK) have doubled their price in the past week.

Meanwhile, the President’s official meme coin also surged recently after his team announced that the top 200 TRUMP holders will be invited to an exclusive gala dinner at the White House with a Special Tour across the iconic mansion included for the top 25 investors.

As a result, TRUMP has booked gains of 52.5% in the past week while DOGE has been one of the few laggards in this category as its price moved up by just 3.8% during this same period.

The price action of both tokens has been quite different. In DOGE’s case, the rally seems to be cooling down while TRUMP offers some upside potential, meaning that today’s dip could be an opportunity for late buyers to cash in.

Momentum is Still Strong for TRUMP

Official Trump (TRUMP) managed to cross above its 21-day EMA last week and was aided by the President’s dinner announcement to surge to higher levels.

Although there was some heavy selling as the price got near the $16 area, the rally rapidly recovered and pushed TRUMP above that level once again just a couple of days later.

Trading volumes have been quite high and above their 14-day average in the past few days. As of today, they are still quite high as they currently account for 40% of the token’s circulating supply.

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.

Now DOGE is the second worst-performing asset in the category’s top 5 with yearly losses of 43.5% as some exotic tokens have done much better than well-established ones.

Looking at the price action, the key support area to watch at the moment for DOGE after its 21-day EMA breakout would be the $0.16 as this is the price zone where most trading volumes have taken place and bulls have managed to keep sellers at bay for now once the token gets near this area.

As for its upside potential, momentum indicators stalled after the breakout as well and the MACD’s histogram has been trending lower for four days in a row now.

The market seems to need further liquidity to push DOGE higher, meaning that a retest of the 21-day EMA support seems imminent to test buyers’ commitment to keep the rally going.