TRUMP Price Rebound After Polymarket 48% Surge Sparks Interest in Political Cryptos

TRUMP price has observed notable market fluctuations as the U.S. gears up for another heated election season. The price of MAGA, a politically-themed cryptocurrency, has experienced sharp fluctuations over the past week, highlighting the market’s sensitivity to political developments.

TRUMP Price as Polymarket Shows Trump’s Rising Odds

Recent data from Polymarket shows a sharp increase in the betting odds for Donald Trump 2024 presidential win. As of August 17, these odds stand at 48%, having risen by 1%. Over the past week, the figures fluctuated before this notable surge. 

BREAKING: @realDonaldTrump “PRESIDENTIAL ELECTION WINNER 2024” @Polymarket CHANCE BOUNCES TO 48% pic.twitter.com/jMEAF2nK0n

— DEGEN NEWS (@DegenerateNews) August 17, 2024

The rise in Trump’s election odds aligns with his “Make America Great Again” (MAGA) slogan. It indicates a shift in bettor sentiment, possibly driven by recent political events.

Technical Analysis and Future Predictions

Over the past 24 hours, MAGA Trump cryptocurrency has witnessed a notable price rebound after experiencing a significant dip early in the trading day. At the time of writing, the MAGA price hovered at $2.76, slightly increasing by approximately 2.65% during the U.S. trading timeframe. 

According to CoinMarketCap data, the token’s market cap stood at $121 million, ranking it 281st among other cryptocurrencies. The 24-hour trading volume was slightly up by 0.29%, amounting to $1.9 million. This price movement reflects a volatile yet recovering sentiment among investors.

In the past week, the TRUMP price saw a significant drop in value, decreasing by 11.70%. The price per token now stands at $2.76. Over the past day, the cryptocurrency fluctuated between a low of $2.55 and a high of $2.82. 

Is $5 Level the Next Stop For MAGA Price?

TRUMP Price is currently at a critical juncture, testing a resistance level of $3. A successful breach could send its price soaring to $4. Continued bullish trends may even push it to $5 in the upcoming rally.

The Moving Average Convergence Divergence (MACD) indicator further corroborates this bearish outlook. The MACD line (blue) hovers below the signal line (orange), indicating weak buying momentum. The Relative Strength Index (RSI), positioned at 41.62, rests near the midpoint of the 30-70 range, neither signalling strong buying nor selling pressures at the current level.

Conversely, if bearish trends gain traction, MAGA could retreat to a support level of $2.7. It also has further backing at $2.5, with significant foundational support at $2.4. This could signal the start of a bearish phase.