Date: Mon, Nov 04, 2024, 05:26 AM GMT
The cryptocurrency market is again showing huge volatility as Bitcoin (BTC) drops below $68K ahead of tomorrow’s U.S. elections. This uncertainty has led to downward pressure on most altcoins and memecoins. However, the top two political-themed memecoins, TRUMP (MAGA) and MAGA (MAGA), are bucking the trend with impressive rallies.
In the last 24 hours, TRUMP (MAGA) surged by 25%, accumulating a 21% gain over the past 30 days. MAGA (MAGA) followed suit, rising by 18% in the past 24 hours and boasting an 80% increase in the past month.
What’s Driving the Rally?
This rally is likely fueled by the U.S. presidential election anticipation, as investors speculate on Donald Trump’s chances of victory. With rising political sentiment in his favor, crypto investors seem to be buying into these coins, hoping for more momentum if Trump gains traction.
According to data from Polymarket, a prominent prediction platform:
- Donald Trump: 56.3% chance of winning the election
- Kamala Harris: 43.9% chance
With Trump’s odds on the rise, both TRUMP (MAGA) and MAGA (MAGA) are attracting bullish momentum, as investors foresee potential growth tied to a Trump victory.
TRUMP (MAGA)
The four-hour chart for TRUMP (MAGA) reveals a clear upward trend within a broad ascending channel, despite the recent market volatility. Currently trading around $3.658, TRUMP (MAGA) has a support level around $3.33 (marked as “S” on the chart). If the price holds above this support, we might see a potential breakout toward the $5.000 to $6.000 range, as indicated by the channel’s upper boundary.
However, if the support fails, the coin may retrace back towards the $3.000 mark. With high volatility expected around the election, TRUMP (MAGA) could experience significant swings in either direction.
MAGA (MAGA)
MAGA (MAGA) has also been rallying, pushing above a key support level around $0.0001950 (marked as “S” on the chart). If this level holds, the coin may continue its upward move toward $0.00026000, with a longer-term resistance near $0.0003010 (marked as “R” on the chart).
However, a break below the $0.0001950 support could lead to a pullback toward $0.00014000, which is a key level to watch if the market turns bearish.
What to Expect Ahead?
With the U.S. election on November 5, the market remains cautious, and the volatility in TRUMP (MAGA) and MAGA (MAGA) could intensify. While these memecoins have shown strength amid broader market bearishness, investors should be aware of a potential “bull trap” as political sentiment shifts quickly. In simple terms, we may see a big price moves—either up or down—in the coming hours.
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