Maga (TRUMP) is showing signs of renewed bullish sentiment just a week before the highly anticipated 2024 United States presidential election.
As of this writing, the Donald Trump-inspired meme coin is trading at $4.49, noting a 35% uptick over the past week. Its technical setup hints at the possibility of an extended rally. This analysis explores why.
Maga Sees Renewed Interest
The recent rally in TRUMP’s Chaikin Moving Average (CMF) above the zero line confirms the bullish resurgence in the meme coin’s market. This indicator, which measures money flow into and out of the market, is in an upward trend at 0.02.
An uptrend in an asset’s CMF indicates strong buying pressure, suggesting that more capital is flowing into the asset than exiting it.
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Additionally, readings from TRUMP’s Moving Average Convergence Divergence (MACD) confirm this bullish outlook. As of this writing, the MACD line (blue) is poised to initiate a bullish crossover above the signal line (orange).
The MACD is a key indicator of price trends and momentum, offering insights into potential buy or sell signals. A bullish crossover, where the MACD line moves above the signal line, often signals strengthening upward momentum.
This movement reflects a shift toward increased buying pressure. For many traders, it serves as a buy signal, indicating that the asset may continue trending upward.
TRUMP Price Prediction: More Gains Possible As Election Date Nears
TRUMP is trading at $4.49, just below the resistance level of $4.68. If the broader market’s bullish momentum continues, TRUMP could rally, breaking through this resistance. As the November 4 general election nears, a successful breakout above $4.68 would pave the way for TRUMP to target $7.48—a level it last reached in July.
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However, if market sentiment turns bearish and TRUMP’s price fails to cross the $4.68 resistance, it could reverse direction and potentially decline toward $1.11.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
