MAGA's Price Rockets Up
As Bitcoin's (BTC) price climbed above $99,500 during the early European session on January 6, MAGA (TRUMP), a memecoin inspired by newly elected U.S. President Donald Trump, soared by over 42% in the past 24 hours, reaching $3.58 at the time of writing.

This low-cap altcoin, with a fully diluted valuation (FDV) of approximately $163 million and an average 24-hour trading volume of $53 million, has gained more than 124% over the past week.

Factors Driving MAGA's Price Rally

Charity Focus and Whale Attention
Built on the Ethereum blockchain, MAGA supports charitable causes for U.S. veterans and children. The token has drawn significant attention from whale investors. On-chain data reveals that 52.4% of MAGA holders are whales, although many smaller active investors are also involved.

Speculation on Trump's Crypto Impact
A key driver behind the surge is the upcoming inauguration of Donald Trump, viewed as the first U.S. president to support cryptocurrencies. This event has sparked speculation about his influence on the ongoing crypto bull market.

According to Ripple Labs CEO Brad Garlinghouse, Trump’s presidency could lead to a robust crypto bull market in 2025. Additionally, institutional investors are demonstrating increased confidence in cryptocurrencies, as evidenced by significant capital inflows into digital asset investment products.

Strong Holder Base and Liquidity
With over 41,000 on-chain holders and more than $4 million locked in liquidity through wrapped Ethereum (WETH), MAGA is well-positioned for exponential growth.

Medium-Term Outlook

Breaking into a Bullish Trend
Since May 2024, MAGA memecoin has been trapped in an ABC corrective phase. It is now attempting to break into a new bullish trend on the daily timeframe. However, for a sustained upward move, the price must consistently close above the daily descending logarithmic trend.

Possible Correction and Support Levels
If MAGA fails to break into a bullish trend, it may continue its macroeconomic downtrend. However, key support at $1.32 is expected to hold until buyers regain control.

Summary

MAGA memecoin benefits from strong media attention, the impending inauguration of Donald Trump, and significant interest from whale investors. With solid liquidity and a growing community, the token is well-poised for further growth, provided it can overcome key technical resistance levels. If not, ample support levels remain to sustain its long-term potential.

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