MAGA Coin Faces Bearish Trend as Price Drops to $5.35

As of July 29, 2024, MAGA coin (TRUMP/USDT) has experienced a sharp decline, falling 20.60% over the past week to $5.35.

As of July 29, 2024, MAGA Memecoin (TRUMP/USDT) has seen a 20% decline over the past week, reaching $5.35 despite the broader crypto market showing gains, according to the CoinMarketCap heatmap.

The bearish sentiment around the Trump Memecoin is evident, with even Trump’s positive statements about crypto at the 2024 Bitcoin conference failing to uplift the token's price.

Former U.S. President Donald Trump expressed his support for the MAGA Memecoin project during the Bitcoin 2024 conference. In a tweet shared by Steven Steele, Trump lauded the initiative's efforts to raise funds for veterans and the prevention of child trafficking.

In the past, MAGA Memecoin experienced a 60% surge following an assassination attempt on Donald Trump at a rally in Pennsylvania. The price quickly rose from $6.31 to $10.36, increasing the coin's market capitalization from $293 million to $469 million in less than 45 minutes. After the attempt, the price dropped to below $6.

MAGA Coin Faces Bearish Trend as Price Drops to $5.35

As of July 29, 2024, MAGA coin (TRUMP/USDT) has seen a sharp decline, falling 20.60% over the past week to $5.35. In the last 24 hours alone, its price has dropped by 7.29%, highlighting a deepening bearish trend.

Ranked #222 by market capitalization, MAGA coin's market cap currently stands at $235,236,869. The 24-hour trading volume has also decreased significantly, falling by 50.16% to $8,693,900.

The daily chart for MAGA/USDT reveals a descending triangle pattern, a clear bearish signal that suggests potential further declines. The Alligator indicator, with lines positioned at 6.842, 6.524, and 6.304, shows a bearish crossover, indicating a sustained downtrend.

Adding to the bearish sentiment, the Relative Strength Index (RSI) sits at 41.10. This level approaches oversold territory but does not yet indicate a strong reversal.

MAGA Memecoin faces immediate resistance at $6.84, marked by the upper Alligator band. Further resistance levels are seen at $8.89 and $11.38, corresponding to the 0.618 and 1 Fibonacci retracement levels, respectively. On the downside, the token has strong support at $5.30. If this level is breached, it could trigger a move towards the $4.87 support zone.

MAGA Memecoin Price Prediction for August

Given the current bearish indicators, the MAGA Coin is likely to face continued downward pressure. If the price fails to hold above the immediate support level of $5.780, it could test lower levels, potentially around the $5.000 mark.

However, if the price breaks above the immediate resistance levels of $6.243 and $6.333, it may signal a potential reversal or at least a temporary relief rally.

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