The TRUMP token price fell by 2.75% to $3.07 on Sunday, indicating a continuation of the month-long trend of consolidation amid broader market uncertainty. However, this could be the calm before the storm as we approach the historic debate between Vice President Kamala Harris and former President Donald Trump.
Debate Preparations
The upcoming September 10th debate between Vice President Kamala Harris and former President Donald Trump is set to be a historic and highly anticipated event in the 2024 presidential race. Hosted by ABC, the debate will focus on critical issues such as economic recovery, foreign policy, and immigration, allowing both candidates to share their strategies with the voters. This event could have a major impact on political tokens such as MAGA (TRUMP) and Kamala Horris (KAMA) in the crypto market.
Current TRUMP Trend Analysis
According to a tweet from Sistine Research, the TRUMP price consolidation is likely a bottoming zone that signals the beginning of speculative buying. The sideways trend could allow buyers to recuperate the bullish momentum and form a suitable base for the next leap. The upcoming debate could spike volatility in MAGA coin and bolster a breach of the overhead trendline that carried the last three-month correction. The potential breakout will push the asset into the speculation zone, with an acceleration phase likely to begin 30 days before the election on November 5th.
Formation of Wedge Pattern
A deeper analysis of the daily chart shows the current correction is forming a falling wedge pattern, a well-known reversal setup as two converging trendlines indicate diminishing bearish momentum. Moreover, the narrow range from the Bollinger Band indicator accentuates the low volatility trading but decisive breakout underway. If the buyers flip the overhead trendline into support, the TRUMP price could hit $11.5, followed by $17.75. On the contrary note, a reversal from the resistance trendline will signal the continuation of the downward trend.
Thus, amid the preparations for significant political events, interesting TRUMP price movements are observed, which could lead to a change in the current market trend in the coming weeks.
Comments