- TRUMP led the market in terms of gains in the past 24 hours, with sentiment turning positive.
- Futures traders were excessively bullish, and spot traders had stopped selling the asset.
In the past 24 hours, Official Trump [TRUMP] has seen a major price surge, placing it among the top gainers in the market. It has recorded a gain of 12.40% within the period.
Analysis shows, however, that the price rally could just be starting out, as market sentiment is shifting toward the path of a strong move upwards.
More inflow — Is this the final confirmation?
There’s been a major surge in Open Interest (OI) over the past 24 hours in the derivatives market, as traders open more positions on TRUMP.
Within this period, OI saw a climb of 28.42%, rising to $724.48 million.
Source: Coinglass
While this confirms growing interest, it doesn’t directly imply whether these traders are dominated by buyers or sellers.
Analyzing the Long-to-Short Ratio of the market—a metric that shows whether buying or selling volume dominates—confirms that buyers are currently in control.
At the time of writing, the ratio is at a level of 1.0141, meaning more buyers are present in the futures market.
Adding to this bullish sentiment is the OI-Weighted Funding Rate of TRUMP in the derivatives market.
Source: Coinglass
Since the 18th of May, TRUMP has maintained a steady upward trend, marking four consecutive days of bullish momentum.
A positive OI Weighted Funding Rate confirms that derivatives traders have consistently opened more buying contracts than selling contracts.
Meanwhile, spot traders are shifting toward a bullish stance, as Exchange Netflow has significantly declined. This indicates that selling pressure has eased, allowing buyers to step in once again.
Source: Coinglass
Traders have purchased $5.84 million worth of TRUMP from the market, following a previous day’s sell-off of $11.80 million.
This confirms that profit-takers temporarily dominated the sell-off, but overall, TRUMP remains bullish in the market.
Will TRUMP investors’ confidence stay strong?
Confidence among investors in the market has remained high.
In fact, in the last 24 hours, the number of investors anticipating a TRUMP rally has seen a major jump from 64.71% to 73.64%.
Source: CoinMarketCap
Market sentiment remains bullish, with investors expecting TRUMP to rise.
If this outlook persists, spot traders will likely continue adding inflows, while Futures traders maintain their bullish positions.
Credit: Source link