Cryptocurrency markets have witnessed increased volatility ahead of the 2024 US elections. While most major altcoins have stalled in their recovery momentum after Bitcoin struggled to break above $70,000, the Politifi token shows significant growth potential. MAGA price surged towards its $10 target as crypto whales became more interested in the election results.
At the time of writing, TRUMP price is trading at $4.37, with an intraday increase of 18.24%. Meanwhile, MAGA’s market capitalization surged to $197.5 million, with a 24-hour trading volume of $11.51 million.
Will MAGA price reach $10 as Crypto Whales bet big on President Trump winning in 2024?
As the US election enters its final stages, the crypto market is witnessing a spike in volatility. While most major altcoins are experiencing this uncertainty, Poltifi coin is gaining momentum.
Amid President Trump’s Madison Square Garden rally and increased betting on the polymarket, the MAGA (Trump) memecoin is showing potential for further gains.
According to Lookonchain data, notable crypto whales are investing heavily in bets that Donald Trump will win the 2024 US presidential election. According to on-chain data, the whale recently spent another $1 million in USDC, bringing its total investment in the past four days to $5 million.
These funds were utilized to purchase “Yes” stocks based on President Trump’s likelihood of victory, reflecting the whales’ confidence in the election results.
whale keeps betting #Trump Winning the US election.
Whale spent another million $USDC bet #Trump Winning the US election.
he spent 5 million $USDC Purchase 7.54 million “Yes” shares at #donald trump We won the US election in the last 4 days! https://t.co/FJrsD2rmff pic.twitter.com/hDQ9XIntkx
— Lookonchain (@lookonchain) October 28, 2024
Trump Price Analysis: Cup and Handle Pattern Suggests a Breakout is Imminent
Over the past three days, MAGA price has rebounded sharply from $3.19 to $4.39 levels, registering a growth of 37.4%. If we analyze the daily chart, we can see that this rally is supporting the formation of a well-known reversal pattern called the cup and handle.
Theoretically, this pattern suggests that assets emerge after a long accumulation phase and are poised for a substantial recovery. If the buying continues, TRUMP price could rise 27% before challenging the $5.55 neckline resistance.
Successfully converting overhead resistance into potential support will strengthen the asset for a long-term recovery. The post-breakout rally could push the meme cryptocurrency up 70% and reach its target of $9.6 to $10.
On the other hand, if sellers continue to hold on to the $5.55 resistance level, the MAGA price may reverse again and continue its consolidation trend.
Frequently asked questions (FAQ)
The recent price rally for MAGA tokens has been fueled by increased interest from crypto whales betting on Trump’s election victory in 2024 and broader market reaction to election volatility.
The resistance at $5.55, which coincides with the 200-day exponential moving average, forms a key supply zone that will be a strong barrier for buyers.
The $10 price target is ambitious, but technical patterns such as the cup-and-handle and growing interest in whales point to significant upside potential.
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Sahil Mahadik
Sahil is a dedicated full-time trader with over 3 years of experience in financial markets. He has a strong grasp of technical analysis and keeps a close eye on daily price movements of top assets and indices. Drawn by his fascination with financial products, Sahil enthusiastically embraced the emerging field of cryptocurrencies and continues to explore opportunities driven by his passion for trading.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
