The TRUMP cryptocurrency owned by United States President Donald Trump has experienced a drastic drop, losing the majority of its value in just a month as a result of the ongoing tariff disputes initiated by the US President.
TRUMP reached a new all-time low of $14.29, dropping 11% in 24 hours after losing the critical $16.00 support level.
Bearish market conditions have intensified the decline, making a significant recovery impossible.
Consequently, traders were shifting their stance, now favouring short positions over long bets.
Funding rates for TRUMP have declined to their lowest levels since mid-January, signalling a surge in short contracts.
This shift indicated that traders were betting on further losses rather than a potential rebound.
With fewer investors willing to take long positions, selling pressure continues to dominate.
The lack of price stability has fuelled bearish sentiment across the market.
Traders are capitalising on the downtrend rather than waiting for a reversal.
Without a change in market conditions, this negative outlook is likely to persist, keeping TRUMP’s price under pressure.
Technical indicators reflect the weakening momentum in TRUMP’s price action.
The Relative Strength Index (RSI) has remained below the neutral 50.0 mark since early February, signalling continued bearish pressure.
A deepening RSI suggests increasing selling activity with no immediate signs of relief. A prolonged stay in the bearish zone often leads to extended downturns.
TRUMP’s current trajectory showed no divergence, meaning the selling trend remained intact.
In a related development, President Trump announced plans to impose new 25% tariffs on all steel and aluminium imports into the United States on Monday, affecting all trading partners, including Canada and Mexico.
This announcement followed China’s retaliatory tariffs on $14 billion worth of products, which came into effect last week.
The measures included a 15% tariff on coal and LNG and a 10% tariff on crude oil, farm equipment, and some vehicles.
Speaking to reporters on Air Force One, Trump also mentioned plans to announce reciprocal tariffs, raising US tariff rates to match those of trading partners, which would take effect almost immediately.
“And very simply, it’s, if they charge us, we charge them,” Trump said of the reciprocal tariff plan.
The move on steel and aluminium received swift criticism from Doug Ford, the premier of the Canadian province of Ontario, who accused the U.S. president of “shifting goalposts and constant chaos” that would put the economy at risk. The new tariffs would come on top of existing metals’ duties.
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