As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market volatility and unexpected rallies. The current surge in the MAGA token, particularly amidst the US election fervor, is an intriguing development that I find myself closely watching.
2024’s U.S. election saw increased turbulence in the cryptocurrency market. Although most prominent altcoins have been moving sluggishly after Bitcoin failed to surpass $70,000, the Politifi token shows promise for substantial expansion. As crypto heavyweights pay closer attention to the election results, MAGA’s price has seen a strong surge toward its $10 goal.
At the current moment, I find TRUMP trading at a price of $4.37, marking an impressive intraday increase of 18.24%. Furthermore, it’s noteworthy that MAGA’s market capitalization has soared to an impressive $197.5 Million, and the 24-hour trading volume has reached a significant figure of $11.51 Million.
Will MAGA Price $10 as Crypto Whales Bet Big on Trump’s 2024 Win?
As the US elections approach their climax, the crypto market is seeing an increase in volatility. Despite this turbulence affecting most prominent alternative coins, Poltifi coins are picking up speed.
As Donald Trump holds a rally at Madison Square Garden and wagers rise on Polymarket, the MAGA (Trump) meme token demonstrates signs of a possible price surge.
As an analyst, I’ve observed some intriguing trends based on Lookonchain data. A significant crypto investor, often referred to as a ‘whale’, has been aggressively pouring funds into bets predicting Donald Trump’s victory in the 2024 U.S. presidential election. This whale has just invested another $1 million in USDC, adding to the $4 million already invested over the last four days, bringing the total investment to a substantial $5 million.
As a confident crypto investor, I utilized these funds to acquire shares that would benefit from a potential Trump victory. This move mirrors the conviction of the ‘whale’ about the election’s final result.
Whales continue to bet on #Trump winning the US election.
The whale spent another 1M $USDC to bet on #Trump winning the US election.
Over the past four days, he has invested 5 million USD Coin (USDC) to purchase approximately 7.54 million ‘Yes’ shares, indicating a belief that Donald Trump will win the U.S. election.
— Lookonchain (@lookonchain) October 28, 2024
TRUMP Price Analysis: Cup And Handle Pattern Signals Immnient Breakout
Over the past three days, the MAGA price has significantly rebounded from $3.19 to $4.39, representing a 37.4% increase. A closer examination of the daily chart indicates this surge is contributing to the formation of a recognized reversal pattern known as the Cup and Handle.
In essence, this pattern suggests that the asset has been developing following a lengthy collection period, setting it up for a significant rebound. If purchasing pressure continues, the TRUMP price might increase by approximately 27%, potentially encountering resistance near the neckline at around $5.55.
Translating a successful reversal of the upper resistance into possible future support should strengthen the asset, allowing it to sustain its recovery over an extended period. Following a breakout surge, this popular meme cryptocurrency could potentially increase by 70%, reaching its $9.6-$10 target.
If sellers persistently hold out against a rise above $5.55, it might cause the MAGA price to reverse once more, maintaining its pattern of sideways movement.
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2024-10-28 23:35