MAGA (TRUMP) Meme Coin Targets Yearly Low Ahead of US Elections
TRUMP price has witnessed a notable decline in the past few weeks. The Trump-inspired meme coin is now trading at $3.31, reflecting a 27% decline over the past week.
With the election just one week and six days away, TRUMP is poised to revisit its yearly low of $1.70. This analysis explores the factors making that scenario increasingly likely.
MAGA Sees Spike in Selloffs
TRUMP’s price has declined by 22% in the past 24 hours. During the same period, its trading volume has totaled $12 million, rising by 122%.
When an asset’s price drops while its trading volume skyrockets, it indicates strong selling pressure in the market. The combined interpretation of this trend suggests that many TRUMP traders are selling off their positions. This shows that holders are losing confidence in the asset as the election date approaches, prompting a rush to sell.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
TRUMP’s negative Chaikin Money Flow (CMF) supports this bearish outlook. As of this writing, this indicator is in a downtrend, below the zero line at -0.04.
The CMF indicator measures money flow into and out of an asset. When its value is above zero, it indicates that an asset is being accumulated, suggesting bullish sentiment, as buying pressure exceeds selling pressure.
Conversely, a CMF reading below zero suggests a bearish sentiment. It signals that selling pressure dominates the market, and downward momentum will likely continue.
Furthermore, TRUMP’s double-digit decline has pushed its price below the 20-day exponential moving average (EMA), which tracks its average price over the past 20 trading days.
This is a bearish signal because it suggests that Trump’s short-term trend is weakening. It indicates that the meme coin sellers are gaining control and have pushed its price below the moving average of the past 20 days.
TRUMP Price Prediction: Meme Coin May Revisit Yearly Low
If the current trend continues, TRUMP’s price is at risk of revisiting its yearly low of $1.70, marking a 48% decline from its current value. However, if market sentiment shifts from bearish to bullish and new demand for the meme coin surges, TRUMP’s price could rebound and begin an uptrend.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
In this scenario, it would aim to break through resistance at $5.49. If successful, TRUMP could potentially rally further, targeting $11.64.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
How Elon Musk’s Starlink is cashing in on Trump’s tariff talks
Share link:In this post: Trump’s steep tariffs have prompted countries such as Lesotho to fast-track Starlink licenses as a gesture of goodwill toward the U.S. U.S. diplomats have quietly urged regulators worldwide to speed Starlink approvals during trade talks. By leveraging tariff threats, Washington is steering markets to American satellite services before Chinese competitors can move in.
UK becomes the first country to make a trade deal with Trump
Share link:In this post: Trump will announce a trade deal with the UK on Thursday from the Oval Office. The deal is the first since Trump imposed global tariffs earlier this year. Details are unclear, but it likely covers cars, tech taxes, and farm goods.
Governor Hobbs greenlights Arizona’s Bitcoin reserve fund after signing HB-2749 into law
Share link:In this post: Arizona Governor Katie Hobbs signed a bill into law allowing the U.S. state to keep unclaimed crypto and establish a ‘Bitcoin Reserve Fund’ not using taxpayers’ funds. House Bill 2749 will not allow investment but will transfer unclaimed assets, airdrops, and staking rewards into a reserve, creating AZ’s first crypto reserve. Earlier, Hobbs vetoed Senate Bill 1025, which would have allowed the state to invest up to 10% of treasury and pension assets in digital assets.
If You’ve Held XRP from $0.006 to $3, Expect Prices Beyond Expectations: Expert Says
Trending news
MoreCrypto prices
More
