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The MAGA price soared 20% in the last 24 hours to trade at $8.28 as of 3:25 a.m. EST on an 86% surge in trading volume to $11.5 million.
The surge in the MAGA price comes after former US President Donald Trump signaled openness to accepting cryptocurrency for campaign contributions. Trump spoke last week at an event for NFT buyers, where he voiced his backing for crypto donations.
BREAKING: DONALD TRUMP IS FINE WITH CRYPTO pic.twitter.com/SCJDKdHQUB
— Frank (33.3%) (@frankdegods) May 9, 2024
MAGA Price On A Bullish Trend Reversal: Can The Bulls Sustain The Momentum?
The MAGA price is finally bouncing back after a prolonged slump and consolidation phase since hitting a peak of $12.93. It’s found solid support, giving the bulls a chance to regroup and kickstart a rally to make up for lost ground.
The bullish reversal green candles surged from the $4.12 support level, fueling an upward momentum that pushed the price toward the resistance level seen on April 6.
TRUMPUSDT Analysis. Source: Tradingview.com
The 50 simple moving average (SMA) trades below the price, immediately supporting the MAGA price. If the price continues the momentum, it could push the price above the 200 SMA, confirming the general momentum for the price.
The Relative Strength Index (RSI) has consolidated, recently dropping to 42. However, it has shot upwards, bouncing back past the 50 midline level to the overbought zone at 72. Increased momentum should see the RSI climb further into the overbought zone.
MAGA Price Bulls Initiate Another Bull Rally
The MAGA price bulls seem ready for another upward surge. The recent green candle from the $4.12 support zone supports the current bull rally for MAGA. If the bulls sustain the momentum, they could increase the price, reclaiming its all-time high at $12.93 in the weeks ahead.
However, the bulls must be cautious about a potential double-top pattern formation that may occur once they reclaim the 12.93 high. If this scenario unfolds, it could empower the bears to drive the price down, causing the bulls to retreat to the $6.61 support zone.
Final Call For SpongeV2
Even as the MAGA price surges, some investors are also focusing on the SpongeV2 meme coin, which is offering a last chance to buy before listing.
Who’s ready for the $SPONGE? 💦💛#SpongeV2 #CryptoCurrency #Alts pic.twitter.com/JtWn1QFF8a
— $SPONGE (@spongeoneth) May 13, 2024
Predecessor Sponge V1 soared 100x in a bear market last year, reaching a market cap of $100 million.
GM, frens 🙏 🧽 $SPONGE pic.twitter.com/OZan7HMelt
— $SPONGE (@spongeoneth) April 29, 2024
More Rewards Through Staking And P2E
If you missed the SpongeV1 surge, you can now buy SpongeV2, which offers more utility than its forerunner.
SpongeV2 offers the generation of passive income via staking, with an annual yield of 163% on Ethereum and 337% on the Polygon network.
A Play-to-Earn racing game is also being introduced that allows users to earn rewards in SPONGE. The game is available in both paid and free versions. In the paid version, SPONGE will be the in-game currency.
Don't forget, #SPONGERS! 🧽💦#SpongeV2 is bringing exciting utility through our upcoming #P2E game! 🔥
Get ready to earn $SPONGE tokens by playing the game and ranking on the leaderboard.
Stay tuned for more info! 🚀#MemeCoin #Crypto #Alts #100x pic.twitter.com/5aaLxGz8N1
— $SPONGE (@spongeoneth) March 22, 2024
Crypto analyst and YouTuber Claybro, with over 127k subscribers, says SpongeV2 could again surge 100x after launch, like its predecessor.
If interested, buy and stake $SPONGEV2 before its imminent launch on top-tier exchanges.
Buy SpongeV2 tokens on the official website here using ETH, MATIC, USDT, or a bank card.
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