Oct 28, 2024, 09:41 AM GMT
The cryptocurrency market has seen a wave of excitement as two political-themed memecoins, TRUMP (MAGA) and MAGA (MAGA), mark significant rallies. With the U.S. presidential election just seven days away, these coins have surged, riding on the momentum of political developments.Over the past 24 hours, TRUMP (MAGA) has surged by 25%, with an impressive 84% gain over the last 30 days. Meanwhile, MAGA (MAGA) has made a 23% increase in the past 24 hours and a staggering 227% jump in the past month.
Source: Coinmarketcap
What’s Driving the Rally?
The current rally around these politically-themed memecoins is closely tied to the anticipation of the upcoming U.S. presidential election. As political sentiment shifts toward Donald Trump, crypto investors are piling into these coins, anticipating potential gains.
According to data from Polymarket, a prominent prediction platform:
Donald Trump now holds a 66.6% chance of winning the election.
Kamala Harris’s chances have slipped to 33.54%.
Source: Polymarket
With Trump’s odds rising, both TRUMP (MAGA) and MAGA (MAGA) are seeing bullish momentum. Investors are optimistic about a potential Trump victory, expecting that these memecoins could gain further traction.
Technical Analysis
TRUMP (MAGA)
The TRUMP (MAGA) chart shows a strong push toward a key resistance zone, labeled as R. Currently trading around $4.55, it is approaching the first resistance level of $5.66. If it breaks above this level, the next target would be near $7.44 (T), indicating potential for a significant upward move. The Relative Strength Index (RSI) shows a rise in momentum, currently sitting at 63.25, indicating increasing buying pressure.
MAGA (MAGA)
For MAGA (MAGA), the recent breakout above the B level indicates strength. The next resistance zone (R) lies slightly above the current price, with a target (T) set around 0.00040000. The chart suggests a potential for continuation if it clears the R zone at $0.00027. The RSI is at 66.31, signaling strong upward momentum and possibly more gains if volume continues to support this move.
What to Expect Next?
With election day fast approaching, we can anticipate further price surges and volatility for these coins. As these memecoins are closely tied to election results, their value could fluctuate wildly based on political developments and polling updates in the coming days. Investors should brace for potential swings and watch for major news as the election outcome nears.
Get more updates at: coinsprobe.com
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
