MAGA Memecoin Plummets 20% Despite Trump’s Endorsement at Bitcoin 2024

As of July 29, 2024, MAGA Memecoin (TRUMP/USDT) has declined by 20% over the past week to $5.35, despite the broader crypto market being bullish according to the CoinMarketCap heatmap. The bearish sentiment surrounding the Trump Memecoin is so strong that even Trump’s bullish crypto statements at the 2024 Bitcoin conference have not reversed the downward trend.

Former U.S. President Donald Trump endorsed the MAGA Memecoin project at the Bitcoin 2024 conference. In a tweet posted by Steven Steele, Trump praised the initiative for raising funds for veterans and child trafficking prevention.

Previously, MAGA Memecoin surged by 60% following an assassination attempt on Donald Trump at a rally in Pennsylvania. The price jumped from $6.31 to $10.36, causing its market capitalization to grow from $293 million to $469 million in less than 45 minutes. The price has since then 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 experienced 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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