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The crypto market witnessed heightened volatility ahead of the U.S. election in 2024. While most major altcoins are following a stalled recovery momentum following the Bitcoin struggle to break $70,000, the Politifi token shows potential for significant growth. Amid the rising interest of crypto whales in the election outcome, the MAGA price experienced a high momentum rally with an eye on the $10 target.
By the press time, the TRUMP price trades at $4.37, with an intraday gain of 18.24%. Meanwhile, MAGA’s market cap surged to $197.5 Million, and the 24-hour trading volume to $11.51 Million.
Will MAGA Price $10 as Crypto Whales Bet Big on Trump’s 2024 Win?
The cryptocurrency market is witnessing a surge in volatility as we enter the final stretch for the US elections. While most major altcoins are experiencing this uncertainty, the Poltifi coins are gaining momentum.
Amid Trump’s Madison Square Garden rally and increasing bet on Polymarket, the Maga (Trump) memecoin shows the potential for a higher rally.
According to Lookonchain data, a notable crypto whale has been heavily investing in bets on Donald Trump winning the 2024 US presidential election. The onchain data shows this whale recently spent another $1 million in USDC, bringing the total investment to $5 million in the past four days.
These funds were utilized to purchase ‘Yes’ shares on Trump’s potential victory, reflecting the whale’s confidence regarding the election outcome.
Whales continue to bet on #Trump winning the US election.
The whale spent another 1M $USDC to bet on #Trump winning the US election.
He has spent 5M $USDC to buy 7.54M ‘Yes’ shares on #DonaldTrump winning the US election in the past 4 days!https://t.co/FJrsD2rmff pic.twitter.com/hDQ9XIntkx
— Lookonchain (@lookonchain) October 28, 2024
TRUMP Price Analysis: Cup And Handle Pattern Signals Immnient Breakout
In the last three days, the MAGA price has sharply recovered from $3.19 to $4.39 level, registering a growth of 37.4%. An analysis of the daily chart shows this upswing assists in forming a well-known reversal pattern called Cup and Handle.
Theoretically, this pattern indicates the asset’s emergence after a prolonged accumulation phase and positions it for a substantial recovery. With sustained buying, the TRUMP price could rise 27% before challenging the neckline resistance at $5.55.
A successful flip of the overhead resistance into potential support will bolster the asset for prolonged recovery. The post-breakout rally could push this meme cryptocurrency 70% up to hit the $9.6-$10 target.
On the other hand, if sellers continue to defend the $5.55 resistance, the MAGA price could witness another reversal to continue the consolidation trend.
Frequently Asked Questions (FAQs)
The recent price surge in MAGA token is fueled by increased interest from crypto whales betting on Trump's 2024 election win, along with a broader market response to election volatility
The $5.55 resistance, which coincides with the 200-day Exponential Moving Average, forms a significant supply zone that presents a strong barrier for buyers
While the price target of $10 is ambitious, technical patterns like the Cup and Handle and increased whale interest indicate the possibility of a substantial rally
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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