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MAGA token surged by 11% following Elon Musk’s Trump-supporting comments, amid ongoing meme coin fluctuations.
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Despite the recent 8.76% decline, MAGA’s volume of trading surged by 38.51%. This reflects high investor activity.
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With RSI at 45.43, MAGA has reached oversold levels. The MACD indicates a potential bullish trend.
Elon Musk’s support for Donald Trump resonated through the crypto community and propelled the MAGA token up the trending lists.
Santiment has highlighted that this newfound attention boosted the token’s price by 11% from its recent low five-hours ago. Meme coins linked to the presidential candidate have shown significant volatility, particularly following last weekend’s unexpected events.
The MAGA token was trading at $6.46 as of the time this article was written, down 8.76% from the previous day. The market cap is also down 8.79% at $284,371,179. Trading volume has increased by 38.51% in the last 24 hour, reaching $12,090 224. This spike in trading volume indicates increased trading activity, likely driven by speculators or investors reacting to news.
Analyzing the MAGA token’s price trend, it has been on a downward trajectory from a peak of approximately $7.10 down to its current $6.46 price. The $6.20 support level has been a reliable level of support, and the price has bounced back several times. The $6.40 level also showed signs of support. The price bounced back after reaching this level.
Similarly, the resistance levels of $6.80 and 7.00 are crucial. The $6.80 mark has been a notable point of resistance, where the price struggled with upward movement and then reversed. The $7.00 mark is also a psychological barrier that has been tested, but not decisively overcome.
MAGA/USD 1-day price chart, Source: Trading view
The token’s Relative Strength (RSI) 1-day reading of 45.43 indicates that it is approaching oversold territory. The 1-day Moving Average Convergence Divergence indicator (MACD) trading above the signal lines indicates potential bullish movement.
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