- MAGA's price encounters resistance around the daily level of $6.576.
- Sideline buyers looking for opportunities can do so at the weekly support of $4.579.
- A daily candlestick close below $4.579 would invalidate the bullish move.
MAGA (TRUMP) price encounters resistance near the daily level of $6.576. Buyers on the sidelines seeking opportunities can consider accumulating TRUMP tokens at the weekly support of $4.579 before anticipating a potential upside in the coming days.
MAGA price shows potential for an upside move
MAGA encountered resistance near the daily level of $6.576 and experienced a 19.21% decline on Sunday. As of Monday, it has rebounded by 0.43% and is trading at $5.356.
If TRUMP's price holds support near the weekly level of $4.579, it could surge 22% and retest its daily resistance at $6.576.
The Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the daily chart are trading below the neutral thresholds of 50 and zero, respectively. For bulls to sustain momentum, both indicators must rise above these critical levels, potentially supporting the ongoing recovery rally.
If TRUMP's price closes above $6.576 and breaches the descending trendline formed by connecting multiple swing highs from June 1 to June 28, it could potentially initiate a further rally of 59%, aiming to retest its daily peak of $10.401 recorded on June 27.
TRUMP/USDT daily chart
However, if TRUMP closes below $4.579, resulting in a lower low on the daily timeframe, it would nullify the bullish thesis for MAGA. This scenario could trigger a 25% crash, revisiting its March 28 low of $3.367.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: US Senator tells Fed to buy BTC, DOGE demand hit $12B, NVIDIA bets drive AKT
Dogecoin's price gained 4% within the daily timeframe to reclaim the $0.40 territory. With selling pressure in decline, on-chain signals suggest DOGE bulls could set sights on a breakout to $0.50.
Ethereum Price Forecast: ETH could see a decline as on-chain and derivatives data paint bearish picture
Ethereum (ETH) declined below $3,100 on Tuesday as market sentiment surrounding the top altcoin is turning bearish. On-chain data reveals that investors are potentially withdrawing and putting sell pressure on exchanges.
Coinbase set to delist WBTC amid cbBTC expansion
Coinbase announced via an X post on Tuesday that it will suspend WBTC trading across all its platforms on December 19. Meanwhile, the exchange also revealed that its wrapped Bitcoin token, cbBTC, launched on Arbitrum earlier today.
Dogecoin Price Forecast: Selling pressure drops 95% as DOGE traders target $0.50 breakout
The Dogecoin price breached the $0.40 resistance on Monday, rebounding from a 15% pullback. On-chain transaction flows observed this week suggest DOGE could be on the verge of another leg-up toward $0.50.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.