As a seasoned analyst with over two decades of market experience under my belt, I have seen my fair share of market trends and political events shaping the financial landscape. The upcoming debate between Vice President Kamala Harris and former President Donald Trump is undoubtedly one such event that could significantly impact the Politifi tokens like MAGA (TRUMP) and Kamala Horris (KAMA).
On a relatively tranquil Sunday trading day, I observed a 2.75% drop in TRUMP‘s price to $3.07. This descent suggests the persistence of its month-long trend of consolidation amidst broader market uncertainties. Yet, this sideways movement might be a prelude to more significant events as we inch closer to the highly anticipated debate between Vice President Kamala Harris and former President Donald Trump.
TRUMP Price Prepares for Breakout as Debate Day Nears
On September 10th, an extraordinary and eagerly awaited debate between Vice President Kamala Harris and ex-President Donald Trump is scheduled for the 2024 presidential election. This event will be moderated by ABC, with the discussion centered around significant matters like economic rebound, international affairs, and immigration, enabling each candidate to outline their strategies to U.S. voters.
Regarding the cryptocurrency market, this occurrence might significantly influence the value of tokens associated with Politifi, such as MAGA (Trump) and KAMA (Kamala Harris).
Based on a tweet from Sistine Research, it’s suggested that the current consolidation in TRUMP‘s price might be a sign of a bottoming zone, indicating the start of increased buying due to speculation. This sideways movement could provide buyers with an opportunity to regain bullish momentum and establish a strong foundation for the upcoming jump.
As a crypto investor, I’m eagerly anticipating the upcoming debate, as it could significantly increase the volatility of MAGA coin. If things go well, we might even see a breakthrough that surpasses the trendline which has been guiding the past three-month correction. This potential breakout could propel the asset into a speculative zone, with a probable acceleration phase starting 30 days before the Election on November 5th.
The graph demonstrates that the repeated occurrence of this trendline breakout significantly influenced the overall movement in TRUMP‘s price.
TRUMP
Debate in 10 days. Perfect catalyst to pop us over the trend line.
Still in the bottoming zone, not even in the speculation zone yet.
— Sistine Research (@sistineresearch) August 31, 2024
MAGA Token Hints End-of-Correction Amid Wedge Pattern
Upon closer examination of the day-to-day graph, it appears that the ongoing correction has started to take the shape of a “falling wedge” formation. This pattern on the chart is recognized for its potential to signal a shift in trends, as the converging lines suggest a decrease in the previous downward momentum.
Furthermore, the limited fluctuation suggested by the Bollinger Band indicator indicates a stable trading environment, yet a significant breakout is taking place. If traders manage to transform the resistance trendline into a support level, the TRUMP price might reach $11.5, with potential further growth towards $17.75.
In other words, if we see a change in direction and the price breaks through the previous resistance line, it’s likely that the downtrend will persist.
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2024-09-01 15:08