Trump Price News: CZ Pardon and Newsmax Investment Could Propel TRUMP to $9

President Donald Trump’s meme coin, Official Trump ($TRUMP), has gained some traction in the past 7 days, rising by nearly 21% during this period, after the head of state pardoned the former CEO of Binance, Changpeng Zhao.

Rumors of this decision circulated on social media for weeks and were ultimately confirmed on October 24, when the White House formally granted CZ its pardon.

Zhao pleaded guilty to charges of facilitating money-laundering for terrorist organizations via Binance a few years ago and was slapped with a $4.3 billion fine and some jail time.

Trump’s decision to pardon him immediately restored the President’s popularity within this community, just weeks after his unexpected decision to raise tariffs on Chinese imported goods by 100% temporarily derailed a booming bull market.

“Let me just tell you that he was somebody that, as I was told, I don’t know him, I don’t believe I’ve ever met him … he had a lot of support, and they said that what he did is not even a crime,” President Trump told CNN about the pardon:

Adding: “It wasn’t a crime, that he was persecuted by the Biden administration, and so, I gave him a pardon at the request of a lot of very good people.”

Newsmax Prepares to Buy Some TRUMP

Binance’s supporters expect that this decision could help the exchange expand its footprint in the United States, even though the Justice Department at some point called the organization “the most sophisticated and extensive criminal marketplace on the Internet.”

GetTrumpMemes Official X Account – Source: X.com

In addition to CZ’s pardon, Newsmax, a right-wing media outlet, announced that it will invest around $5 million to launch a Bitcoin and TRUMP treasury.

“We are also excited to add Trump Coin to our cryptocurrency plan, as we believe the coin’s value should track the success of the Trump presidency, which so far has been impressive,” CEO Cristopher Ruddy said about the move.

Newsmax would be the first publicly traded company to invest in President Trump’s meme coin.

TRUMP Encounters Strong Selling Pressure at $8

Trading volumes for TRUMP have spiked by nearly 700% in the past 24 hours alone, reaching $2 billion, meaning 140% of the asset’s circulating market cap.

The price has advanced 14% during this period, and briefly touched a session high of $8.

Selling pressure accelerated once the token hit that mark, possibly as traders with positions that had been in red territory for weeks have opted to take advantage of today’s jump to trim their losses.

TRUMP/USD 4H Chart (Coinbase) – Source: TradingView

The 4-hour chart shows that TRUMP found support at the 200-period exponential moving average (EMA) in this lower time frame, and could resume its uptrend and retest the $8 level if positive momentum continues.

High trading volumes like this indicate that there’s both buying and selling pressure. A bullish breakout above $8 could catalyze a much stronger move toward $9.5 at least, meaning a 33.4% upside potential in the near term.

That said, if sellers dominate the price action from now on, the next support to watch would sit at $6.5. Since the upside potential amply exceeds the downside risk at this point, TRUMP looks good at this level.