With the rising uncertainty in the U.S. election, the Political Memes (PolitiFi) tokens have lost momentum. Moreover, the MAGA crypto has plunged ~90% from its all-time high of $17.52 in just 4 months. This indicates a rising uncertainty in the election trends.
However, with rising speculations of Donald Trump momentum over Kamala Harris, this could act as a great catalyst for the Make America Great Again “MAGA” token to retest its upper high potentially.
TRUMP Price Analysis
Amid 2 failed assassination attempts on Donald Trump, the U.S. candidate for the upcoming Presidential election, the Political memecoin market has recorded a significant drop in volume. Over the past 24 hours, the Trump coin has dropped ~6% with a volume of just $2.82 million.
Notably, it has lost ~26% over the past week and 54.13% during the past month. However, it has rewarded its long-term investors with a YTD return of +641.62%. Further, with a market cap of $77.62 million, it has secured the 423rd rank in the market.
TRUMP Token Technical Sentiments
The SMA constantly acts as a resistance trendline to the MAGA price chart. This suggests a negative outlook for the meme coin during the upcoming week.
Moreover, the RSI indicator has breached the oversold range for the first time in the 1D time frame. This indicates an increase in the bearish sentiment for the crypto token in the market.
Will MAGA Price Rise Back Up?
Suppose, a bullish reversal occurs, in that case, the Trump coin price will prepare to retest its resistance level of $3.75 in the coming time. Maintaining the price at that level could set the stage for this political memecoin to head toward its upper resistance level of $6.
However, if the bearish sentiment intensifies, this could result in the price of the MAGA token plunging toward its crucial support level of $1.50.
Also read, Ethereum Price Prediction 2024 – 2030
Source: https://coinpedia.org/price-analysis/is-this-the-right-time-to-buy-trump-coin-for-a-5x-surge-in-q4/