MAGA Coin Plunges 20% as Donald Trump Vows to Fire Anti-Crypto SEC Chair Gary Gensler

The MAGA price has plunged by 20% over the past 24 hours to trade at $5.92 as of 5:30 p.m. EST.

Donald Trump has vowed to create a “strategic national Bitcoin reserve” and said he’d fire the anti-crypto Securities and Exchange Commission chair Gary Gensler if he retakes the White House in November.

“On day one, I will fire Gary Gensler,” he said in a speech at the Bitcoin 2024 conference in Nashville on July 27. “I pledge to the Bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris’s anti-crypto crusade will be over. Never sell your bitcoin.”

The former president also touted Bitcoin as a “digital gold” that will help the United States become the “crypto capital of the planet.”

“The United States will be the #Bitcoin capital of the planet and the Bitcoin superpower of the World,” Bitcoin Magazine tweeted along with a video of Trump.

The crowd at the conference erupted in cheers as Trump touted his pro-Bitcoin policies and slammed Biden and Harris for their administration’s “war on crypto.”

“They want to destroy Bitcoin, they want to destroy crypto. But we will never let them,” he said. “We will never let them take away our freedom.”

Trump went on to praise Bitcoiners for their “incredible spirit” and said that he’s “proud to stand with you in this fight for the future of finance.”

“Together, we will make America great again,” he concluded.

Bitcoin rose about 1% in the past 24 hours to trade at $51,234 by 5:30 p.m. EST, according to CoinGecko data.

The world’s largest cryptocurrency has experienced choppy price movements in recent weeks amid a broader downturn in the crypto market.

Bitcoin fell sharply from a record high above $69,000 in early November, impacted by a Federal Reserve interest rate hike and regulatory concerns.

MAGA Price Analysis Shows Steep Drop

An in-depth analysis using CoinGecko data shows that the MAGA price has experienced a significant drop from its recent high of $6.390. The current price is near the lower end of the recent trading range.

The Alligator indicator lines are bearish, with the Jaw above the Teeth and the Lips indicating a downtrend. The price is below all three lines, further confirming the bearish trend.

On the other hand, the Woodies Commodity Channel Index (CCI) is in negative territory, indicating that the asset is in a bearish phase. The CCI has recently shown volatility, with spikes indicating short-term buying and selling pressures, but overall, it remains in a bearish zone.

The chart does not explicitly show volume, but the price movement suggests that there have been significant sell-offs, especially noticeable during the recent decline from the high of $6.390.

MAGA Price Sentiment Appears Overall Bearish

The overall sentiment appears bearish, as indicated by the Alligator indicator and the negative CCI values. The price consistently trades below the Alligator lines, suggesting a need for upward momentum.

The immediate support level is around $5.780, close to the current price, while the immediate resistance is around $6.243 (Alligator’s Lips) and higher at $6.333 (Alligator’s Teeth).

The Alligator indicator shows a clear bearish trend with prices below all three lines. The CCI is also in negative territory, indicating bearish momentum. If the price breaks above the Alligator’s Lips ($6.243) and Teeth ($6.333), there might be a rebound, but current indicators suggest continued downward pressure.

4-hour MAGA/USDT chart | Source: TradingView

Investors are fleeing MAGA but rushing to buy WienerAI (WAI), which is closing on $9 million in funds raised with only a little more than two days left in its presale.

One crypto whale has invested $370,000 in the WAI token on July 27, ponying up 114.15 ETH, currently valued at about $370,000, to secure a significant holding in one of the most successful presales of the year.

A Meme Coin With AI Trading Powers

WienerAI (WAI) is a new meme coin that is launching an AI trading bot that uses cutting-edge technology.

Because it has been trained to analyze crypto markets, the project’s advanced computer models can find trade opportunities and secret clues in the market data.

Known as the ChatGPT of crypto, it allows token holders to input trading questions through its user-friendly interface and receive instant responses.

Traders can ask about market opportunities, and WienerAI responds with a list of potential trades and advice on the best decentralized exchange to execute them on. Traders can then execute trades directly from the chatbot interface.

WienerAI explains the thinking behind its recommendations, offering a useful learning experience for users.

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