In contrast to investors’ expectations, October began with a consolidation, where the entire crypto market is comparatively down. However, there are a few tokens, like MAGA, a popular Trump token, which is still up, maintaining the rhythm of the market. Regardless, these consolidations are quite common in the market, especially after a days-long uptrend. Though these might be a disappointment for many, for some, it is the perfect opportunity to figure out emerging tokens that can survive the changing market situation, and that is what this MAGA price surge has proved, as the token is up by 17% today.
Why MAGA Price Is Up Today?
MAGA token is one of the most popular Trump-themed cryptos and is usually affected by Donald Trump’s social media presence. As the US presidential elections are getting near, political debates, public appearances, and much more are happening, where the candidates are occupied in presenting their best selves.
In one such event, Donald Trump made headlines after his quick interactions with the netizens on the Helene hurricane, impacting thousands of lives. Amid this crucial situation, Trump has revealed his discussion with the multi-billionaire Elon Musk over deploying Starlink to restore internet to hurricane-ravaged North Carolina and Georgia. At the same time, netizens felt the efforts lacking from Biden and Kamala Harris, creating a diversion in this situation among voters.
Trump is up at midnight talking to Elon Musk about deploying Starlink to restore internet to hurricane-ravaged North Carolina and Georgia.
Kamala and Biden haven’t been heard from in hours. pic.twitter.com/7t9CKYbMi3
— johnny maga (@_johnnymaga) October 1, 2024
Moreover, in the Polymarket polls, Donald Trump is giving tough competition to Kamala Harris, where he is only a few points behind in winning the votes of the community on who will take the White House in November. Here, platforms like Polymarket are running discussions and debates among voters to identify where the political sentiments are moving. Interestingly, Harris and Trump are in a tough battle where one big event can change the whole trajectory.
Last but not least, Trump’s crypto venture, World Liberty Financial’s KYC verification is now live, creating a new hype around the ex-president. Such Trump news often affects these coins, and this is what caused the 17% surge in the MAGA price today.
Is Trump Token Headed For Big Rally?
Meme coins have gained new popularity this year, offering bigger and bigger gains to their holders. Starting with PEPE, WIF, and many others, meme-themed tokens are the new trends in the crypto market, but at the same time, these trends were short-lasting.
The same is true for the MAGA token, where uptrends are often but short-lasting. Even at the time of writing, the MAGA price is at $3.36, after a 17% surge, but this might or might not last if the investor’s sentiments begin to fade. More importantly, this surge is nothing to its prime days, where the Trump token has grown to as high as $17.52, which is 82% away from the current value.
On further analysis, the technical indicators reveal the presence of the sellers, which could bring the MAGA price down. However, there is still strong buying pressure for this Donald Trump token. More importantly, the RSI is neutral, which is a popular indicator of the ongoing trend continuation. The next few hours are more crucial in defining a trend to conclude the upcoming trend, but for now, the MAGA price might fluctuate between $2.7 to $3.7. More importantly, the Bitcoin price is slowly moving down, which can also affect the MAGA token.
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