With the rising uncertainty in the U.S. election, the Political Memes (PolitiFi) tokens have lost momentum. Moreover, the MAGA cryptocurrency has plunged by 90% from its all-time high of $17.52 in just 4 months. This indicates a rising uncertainty in the election trends.
MAGA Token Price Analysis
Amid two 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 by 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.
MAGA 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 towards 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.
Current conditions of the political meme tokens reflect uncertainty and volatility amid the U.S. elections. It will be interesting to watch the further developments and the impact of political factors on these cryptocurrencies.
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