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- 1 The MAGA has been rising after taking dynamic support on the 20, and 50-Day EMAs.
- 2 The RSI is heavily overbought, which highlights that the price might go bearish soon.
MAGA is a meme coin that is inspired by former president Donald Trump. This soared to a new record high on January 17th, 2024, after Trump won the Republican Iowa Caucus.
Moreover, the MAGA was launched on August 11, 2023, with the motto “Make Crypto Great Again.”
It is reportedly “the only active cryptocurrency donating to U.S. veterans and protecting children,” and proved it by giving over 65 Ethereum, worth $168,000, to U.S. veterans and child trafficking prevention causes.
In addition, the Meme coins which are linked to celebrities seem to attract attention like flames attract moths. Besides, with the New Hampshire primary event coming up on January 23rd, the TRUMP supporters will be optimistic about their candidate’s chances to win. This could probably give more upthrust to the crypto price which is dependent on future sentiments.
Trump Meme Coin (MAGA) Journey So Far On 4-Hour Chart
In the 4-hour time frame chart, it was seen that the MAGA has displayed a sharp rise from the price of $0.1500 to $0.7400 in under 10 days and it also managed to bag 400% returns successfully.
MAGA has been rising after taking dynamic support on the 20, and 50-Day EMAs. The EMAs suggest that the trend is bullish.
Moreover, the RSI is heavily overbought the curve is at 85.234 at present and the 14-SMA is at 75.89. This occurrence in the indicators domain highlights that the price might go bearish soon. Also, the price has started to show red candles on the 4-H timeframe and the previous candle shows a long rejection wick from the upside as well.
However, the MACD is showing an increase in histogram width and giving bullish outlooks. On the overall analysis, it seems very confusing as major indicator tools give mixed signals and no clarity.
Therefore, as per the recent price, which is at $0.5945 with a 7.66% decline intraday. MAGA could fall rapidly if it fails to stay above $0.6000. On the other side, if buyers push again, the possible hurdle would be $0.8000.
Summary
The Trump Meme Coin (MAGA) price action highlights an unclear outlook at the time of publishing.
Major reliable and trustworthy indicators like RSI, MACD, and EMAs are not giving strong indications beyond the daily range. MAGA price chart on the 4-hour time frame highlights the neutral sentiments and perspectives regarding the crypto asset.
Furthermore, the New Hampshire primary event coming up on January 23rd may attract some movement in the coin.
Technical Levels
Support Levels: $0.6000
Resistance Levels: $0.8000
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
