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The MAGA Hat price plunged over 6% in the last 24 hours to trade at $0.0001791 as of 7:29 a.m. EST as investors offload their holdings in the political meme coin.
The drop in the MAGA price comes as American voters gear up to vote in today’s US election. Odds of a Donald Trump victory have jumped 5% on Polymarket in the last 24 hours. After the uptick, Trump’s chances of taking the White House stand at 62%.
MAGA Hat Price Oscillating Around A Major Price Level
4-hour chart for MAGA/USD (Source: GeckoTerminal)
The MAGA Hat price is hovering around the $0.0001780 resistance level and is attempting to flip the major price level into support. Closing a 4-hour candle above this mark within the next 12 hours could give the political meme coin the foundation needed to rise in the following 24 hours. MAGA might then try to overcome the $0.0002302 barrier to rise to as high as $0.0002908.
However, the MAGA Hat price failing to establish a position above $0.0001780 within the next 12 hours could invalidate the bullish thesis. Traders might start to exert more sell pressure on the meme coin in this alternative case. This could then lead to MAGA falling to the immediate support level at $0.0001241.
Technical Indicators Warn The MAGA Hat Price Might Drop Some More
Looking at indicators on MAGA’s 4-hour chart, there are early warning signs that the MAGA Hat price will enter into a short-term negative trend in the coming few hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are showing bearish signs that traders and investors will want to take note of.
Currently, the MACD line is bullishly positioned above the MACD Signal line. Although this could suggest that buyers are in control, the narrowing gap between these two technical indicators warns that a bearish crossover might soon take place.
RSI readings are also below the 50 benchmark, after the indicator’s value dropped from the high 50s to its current reading at 48 in the last 24 hours. A potential early confirmation that the MAGA Hat price has entered a bearish cycle could be if the RSI line starts to slope negatively.
With the US election day underway, investors are pivoting to a new political meme coin called FreeDum Fighters (DUM), which YouTuber Jacob Bury, with more than 43k subscribers, says might 10X after launch.
A Lighthearted Take On The US Election
FreeDum Fighters (DUM) aims to bring the political clash between Trump and Kamala Harris on-chain and give investors the chance to earn massive staking rewards.
As voters wait to see who will emerge victorious, crypto investors can back their favorite candidates through FreeDum Fighters’ ongoing ICO.
In one corner is the fictional character MAGATRON, representing Republican candidate Trump. In the other is Kamacop 9000, representing democrat and current US Vice President Kamala Harris. Each character offers their supporters attractive passive staking rewards.
MAGATRON backers can earn up to 280% in annual rewards, while Kamacop offers its supporters a stratospheric 756% return. The difference in rewards is due to DUM investors mostly voting (staking) for Trump.
Investors Bet Big On DUM’s Future For Election-Fueled Gains
FreeDum Fighters has raised over $428K through its ICO so far, as investors rush to get in on the ground stage of the new political meme coin. Anyone that wants to acquire the token can do so through the simple buy widget embedded on the project’s website.
Not sure what to do on election day?
Take part in our 1000 $USDT giveaway to help you out in the recession we are clearly going into soon 👇https://t.co/K9QiTKelzn
— FreeDum Fighters (@Freedum_Fighter) November 5, 2024
Currently selling for $0.000065, DUM can be bought with ETH, BNB, BASE, SOL, USDT, or USDC. Once purchased, investors can then choose to have their DUM tokens automatically staked in one of the candidates’ voting pool.
Interested investors should buy before a price hike in less than 1 hour.
Purchase and stake DUM here for up to 756% in annual rewards.
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