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The Maga Hat price plummeted over 37% in the last 24 hours to trade at $0.00008965 as traders shift their focus away from the political meme coin.
The drop in the MAGA price follows Donald Trump’s US election victory yesterday. Although the broader crypto market cap surged, tokens linked to the incoming president collapsed.
Maga Hat Price Consolidates After Losing A Key Support
4-hour chart for MAGA/USD (Source: GeckoTerminal)
The Maga Hat price lost the support of the technical safety net at $0.00012193 in the last 24 hours. Now, the political meme coin is hovering above the next key support at $0.00007139. MAGA remaining above this price point for the next 12 hours could lead to a rebound, and the Maga Hat price might then try to reclaim a position above $0.00012193.
In a converse scenario, the Maga Hat price dropping below $0.00007139 could spell disaster for the political meme coin. Traders might end up panic selling, pushing MAGA down even more in the short term as a result.
Technicals Warn The Maga Hat Price Drop Is Not Over Yet
Looking at technical indicators, there are warning signs that point to a continued decrease in the Maga Hat price. Sellers have a tight grip on the meme coin’s value, as suggested by the low Relative Strength Index (RSI) reading. Currently sitting in the low 30s, MAGA’s 4-hour RSI indicates that the meme coin is in oversold territory.
Although low RSI readings are usually seen as a buy signal, the negative slope of the RSI line suggests that sellers might keep exerting pressure on the Maga Hat price in the next few hours.
The Moving Average Convergence Divergence (MACD) indicator shows that the Maga Hat price is in a bearish phase, with the MACD line positioned below the MACD Signal line. However, a bullish reversal of MAGA’s trend may be on the cards as the gap between the two indicators starts to shrink.
Given the negative slope of the RSI, the low RSI readings and the current orientation of the MACD lines, the Maga Hat price might drop some more in the coming 24 hours.
While MAGA tries to fend off bearish pressure, a new political meme coin rival by the name of FreeDum Fighters (DUM) is pulling investors in, not least because of its off-the-charts staking rewards.
The Ultimate On-Chain Political Showdown
FreeDum Fighters (DUM) brings the American political clash on-chain and offers investors a way to get involved in politics in a fun and engaging way. The sole event in the project’s ecosystem is the duel between Magatron and Kamacop, representing Trump and Kamala Harris, respectively.
While Democrat Harris lost the presidential election, her backers can still rally behind the fictitious Kamacop for the chance of impressive staking rewards. Anyone who votes/stakes DUM tokens for Kamacop during the project’s ongoing presale will unlock access to a 724% Annual Percentage Yield.
Meanwhile, Trump supporters can push for a repeat victory by staking tokens for Magatron for up 273% in annual rewards.
In addition to the high staking rewards, an analyst from the 99Bitcoins YouTube channel believes DUM has great speculative potential. In a video to the channel’s more than 706K subscribers, the analyst said the meme coin could surge 100X after its launch.
Investors Rush To Buy DUM At Presale Prices
FreeDum Fighters has raised over $446K through its ICO so far. There’s still time left to get in on the high staking rewards on offer.
The first step is to acquire DUM tokens via the simple buy widget embedded on the project’s website. Selling for $0.00007, DUM can be bought with either ETH, BNB, BASE, SOL, USDT or USDC.
Even with Trump winning today…
The shows goes on 🇺🇸 pic.twitter.com/42PGDOL8Ay
— FreeDum Fighters (@Freedum_Fighter) November 6, 2024
With each purchase, investors can opt to have their tokens automatically staked on either Kamacop or Magatron for their associated rewards.
Interested buyers who want to lock in the best rate will want to act quickly, however, because the token’s price is scheduled to increase in about 2 days.
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