As an experienced financial analyst, I believe that the recent surge in MAGA hat price, which is up by 28% in the past 24 hours, could be a result of increased investor sentiment following Donald Trump’s lead over Joe Biden in the Georgia polls. The upcoming live debate between the two on CNN in Atlanta on Thursday may further fuel this trend.
As a researcher, I’ve noticed an intriguing development regarding the price of Maga hats. In just the past 24 hours, there has been a significant surge of approximately 28%, causing the price to hover around $0.0003783 during European business hours. This price increase follows recent polls indicating that Donald Trump is leading Joe Biden in Georgia. These two political figures are scheduled for a live debate on CNN in Atlanta this coming Thursday.
Maga Hat Price Gears Up for 290% Rally
Yesterday, the price of MAGA broke free from its prolonged consolidation period and reached a peak of $0.000442. This cryptocurrency, tied to the MAGA (Make America Great Again) movement, made its debut in May but stagnated around the prices of $0.000305 and $0.000173 for more than two weeks prior to this surge.
The MAGA token’s price reached a peak and subsequently pulled back, approaching the previous peak area in a retesting manner on the hourly chart. The short-term trend shows the MAGA price trading above both the 50-day and 200-day simple moving averages at around $0.000329 and $0.000277 respectively, acting as potential support levels.
As an analyst, I’ve noticed that the MAGA relative strength index (RSI 14) in the 4-hour timeframe is getting close to its moving average (MA). The MA could potentially function as a support level for the RSI, allowing it to rebound and continue climbing towards the overbought region. This development is bullish for the meme coin because it suggests that the correction in its price action is healthy.
If the current trend continues, the cost of MAGA could rebound from its peak and climb further up, potentially reaching a 119% increase to hit its prior record high of $0.000777.
On a day-to-day basis, the MAGA price chart reveals a double bottom formation, adding credence to the potential 119% price surge from the current value back up to the earlier record high.
As you ascend, the prices at $0.000429, $0.00052, and $0.00066 might present some obstacles. Conversely, the Maga Hat price could find backing around $0.000311. Should it drop below this point, it may retrace to its previous range, finding additional support at $0.000175.
Can A Trump Win Push MAGA Price Over $1?
The rise in MAGA hat prices lately has been linked to Donald Trump’s victory in Georgia, with Trump holding a 4.8 percentage point lead over Joe Biden at 43.8%. This outcome fueled optimistic feelings among investors, contributing to the price increase. On Thursday, these two candidates will engage in a debate hosted by CNN in Atlanta.
The daily trading volume of MAGA surged by 75, signaling an increase in investor interest.
Trader 0xc73 Makes Significant $MAGA Purchase, Marks Start of Third Trade!
Over the last 24 hours, the trader identified as 0xc73 purchased a total of 810.578 million MAGA tokens using approximately 250,000 USDT at an average token price of $0.0003084 each.
Address: 0xc73a73e3bca0e0b944dc09bba6647aca552109ed
1/2
— EyeOnChain (@EyeOnChain) June 26, 2024
An on-chain analysis firm, EyesOnChain, uncovered a significant investor amassing substantial quantities of MAGA tokens prior to the presidential debate. This investor, identified as a “whale,” had acquired over $250,000 worth of MAGA tokens within the past 24 hours, sparking intrigue among those monitoring on-chain activities.
Bottom Line
The prospect of the MAGA Hat price surge nearing a dollar is influenced significantly by the present political scenario, with Trump currently holding an edge over Biden in Georgia polls. Should this trend persist and Trump’s influence expand, it may spark increased demand and investment in other politically-themed tokens. Consequently, prices could rise further. Nevertheless, market dynamics and external influences will play a decisive role in whether this surge can endure and touch the $1 threshold.
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2024-06-26 12:54