As Americans head to the polls today (5), several PolitiFi memecoins tied to the two main candidates are showing mixed performance. Regardless of their past performance, this day is a determining factor in which tokens will survive after the winner is announced.
Historically, US election results are often declared within hours of the polls closing, creating a whirlwind of anticipation and speculation among voters and candidates alike. Here’s a detailed analysis of the current conditions of PolitiFi memecoins MAGA (TRUMP), Kamala Horris (KAMA), and Donald Tremp (TREMP).
Sleep (Trump)
MAGA is one of the top Donald Trump-themed PolitiFi memecoins with the largest market cap. A few months ago, TRUMP’s market cap surpassed $100 million, and the former president’s election chances increased amid worrying reports about Joe Biden’s health.
But after the Democratic Party elevated Kamala Harris to the status of candidate, the token’s price plummeted. At press time, the memecoin was trading at $3.36, down 80% from its all-time high. Heading into Election Day in the US, the cryptocurrency’s value had fallen 26%.
From a technical perspective, the Relative Strength Index (RSI) has fallen below the neutral level of 50.00. This decline indicates that the momentum around MAGA is bearish. If sustained, the price could continue to decline, possibly reaching $2.61.
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MAGA Daily Analysis. Source: TradingView
However, if Donald Trump emerges victorious, the trend could change. In this scenario, the value of TRUMP could skyrocket to as high as $5.69. But if the former president fails to win, then the price could sink to an all-time low.
Kamala Horris (KAMA)
In the past seven days, this Kamala Harris-themed memecoin has surged by 62%. This significant increase could be linked to the US vice president closing in on Trump in the polls in recent days.
However, the last 24 hours did not bring the same performance as the KAMA price decreased by 3.60%. On the 4-hour chart, the Moving Average Convergence Divergence (MACD) fell into the negative region, indicating a bearish momentum.
Furthermore, the 12-day Exponential Moving Average (EMA) in blue has crossed below the 26-day EMA (orange), which indicates that sellers are in control. If this trend continues, the KAMA price could drop to $0.0098.
Kamala Horris 4-hour analysis. Source: TradingView
On the other hand, if buying pressure increases or Kamala Harris wins, the trend may change. If that happens, then KAMA could jump to $0.018.
Donald Tremp (TREMP)
Unlike KAMA and TRUMP, Donald Tremp is one of the few PoltiFi coins that saw a significant increase on US election day. Since Sunday (3), the price of TREMP has increased by 20.22%.
Currently trading at $0.32, the Balance of Power (BoP) reveals that bulls are pushing the memecoin’s price higher. The BoP measures the strength of buyers relative to sellers. When the reading decreases, bears (sellers) have the upper hand.
But in this case, the reading has increased, meaning that TREMP is experiencing a huge increase in buying pressure. If this trend continues, the memecoin’s price could rise to $0.46.
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Donald Tremp's Daily Analysis. Source: TradingView
Meanwhile, if the election results are announced and Trump loses to Harris, the prediction may be invalidated. In such a scenario, the token may drop to $0.20.
The article US Elections Boost PolitiFi Memecoins appeared first on BeInCrypto Brasil.
