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- TRUMP token price has slipped below its 100-day EMA mark and looks bearish.
- MAGA token has failed to hold strength and eroded over 10% of gains.
The TRUMP (MAGA) token price witnessed a V-shaped bearish move and dragged below its 100-day EMA mark. Since the beginning of June 2024, the token has showcased a one-way bearish rally and has dropped over 50% of gains.
The price action signified the token’s underperformance and revealed that it had retested its bottom support of $7 and might face further selloff. Amidst the market rotational move, the token was in a consistent down move and dropped below its key moving averages.
A break and close below the $6.20 mark would lead the token toward the $5 mark, whereas if the token succeeds in retaining the $8 mark, it will stretch the gains toward the $10 mark.
At press time, the MAGA token price traded at $7.22 with an intraday drop of 8.36%, reflecting bearishness on the charts. It has a monthly return ratio of -18.20% and -16.20% yearly, reflecting a short-term downtrend.
The pair of MAGA/BTC is at 0.000114 BTC, and the market cap is $339.22 Million. Analysts are neutral and suggest that the MAGA price may continue showcasing volatile moves and might soon retest the $6 mark.
Will TRUMP (MAGA) Hold 100-Day EMA Mark Amidst Selloff?
The TRUMP (MAGA) price witnessed a rounding top formation and delivered a follow-on selloff this month. Amidst the range breakout that happened last month, the token failed to cross the mid-supply region of $18 and faced a sharp throwback.
Its trading volume dropped over 15.21% to $22.0 Million, while the market cap fell 8.89% to $324.21 Million in the last 24 hours.
The RSI curve slipped to the oversold region and witnessed a negative crossover, revealing the underperformance. Similarly, the MACD indicator depicts red bars and directs bearishness.
Source: Santiment
The MAGA token was ranked at 183 and has a total supply value of 46.50 million. Its technicals favored the bear army and pointed to the underperformance.
Despite the recent upswing, the buyers could not hold the gains longer, and sellers pushed bulls from the top, resulting in a fall of over 50% in the last two weeks.
MAGA Delivers Sharp Volatile Moves
This week, the price volatility curve displayed intense fluctuations and dropped over 107% to the 0.046 mark, revealing the investor’s speculative move.
Source: Santiment
Meanwhile, the weighted sentiment data looks steady below the midline region, directing a negative outlook.
A post by Spotonchain on the X platform mentioned that significant whale activity had happened in the past 24 hours.
Amid the recent #Trump-themed memecoins controversy, a whale decided to sell 103,759 $TRUMP ($867K) in the past 24 hours for profits!
— Spot On Chain (@spotonchain) June 20, 2024
The whale bought 495K $TRUMP with only 250K $USDT on Jan 19,
And now has 386K $TRUMP ($3M) left.
The est. total profit is $3.66M (+1,463%)!… pic.twitter.com/QYll4Uyjjc
Source: X
The immediate support levels for the TRUMP token are $7 and $6.80, whereas the key upside hurdle is around $7.90, followed by $8.
Will TRUMP Initiate a V-Shaped Recovery Next Week?
The TRUMP (MAGA) token price delivered selling pressure and has eroded over 50% of gains in the last two weeks. Moreover, the token has regressed to its crucial support zone of $7 and might continue to replicate volatile moves ahead.
If the token succeeds in halting gains near the $7 mark, a double bottom formation will be confirmed, and the token will deliver a V-shaped reversal ahead.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
