MAGA Coin Plummets After Trump Victory, Signals Further Downtrend
07.11.2024 7:00 1 min. read Alexander Stefanov
Meme coins linked to Donald Trump experienced a dramatic surge ahead of the 2024 U.S. election but have sharply declined in value since his victory announcement.
The primary token, MAGA (TRUMP), has plummeted by 35%, with technical indicators suggesting potential further losses.
Market data reveals a strong sell-off trend for TRUMP, evident in a below-zero Chaikin Money Flow (CMF) of -0.16, signaling a greater outflow than inflow. This indicates heightened selling pressure as traders exit their positions.
Further underscoring the downward trend, TRUMP’s Relative Strength Index (RSI) has slipped to 34.32, below the neutral 50 level. This level of RSI suggests a dominant selling activity, signaling a bearish outlook.
Currently priced at $2.10, slightly above its yearly low of $1.67, TRUMP may retest this bottom if selling continues. However, a potential market sentiment shift could drive a rebound toward $4, with a breakout at this level possibly pushing the coin’s value to $5.47.
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