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The MAGA price soared 23% in the last 24 hours to trade at $2.07 as of 11:33 p.m. EST on trading volume that plunged 68% to $25.5 million.
This comes after the Federal Reserve cut interest rates by 25 basis points to a target range of 4.50%-4.75%.
MAGA Price Poised For A Bullish Trend Reversal
The MAGA price appears to be moving within a descending channel, indicated by the two downward-sloping trend lines. This pattern is typically bearish, showing that the price is consistently making lower highs and lower lows.
However, descending channels can sometimes lead to bullish reversals if there is a breakout above the upper trendline, although that would require strong buying pressure.
TRUMP has found support on the lower boundary of the channel around $1.82, which could suggest a bullish trend reversal, according to data from GeckoTerminal.
As a result of the falling channel pattern, the MAGA price has been trading below both the 50-day and 200-day Simple Moving Averages (SMAs).
The Relative Strength Index (RSI) is at 35.53, which is near the oversold territory (below 30). While it isn’t technically oversold, it’s approaching that level, which could indicate a weakening of selling pressure. However, RSI in a downtrend often hovers around these lower levels, so it doesn’t necessarily indicate a reversal by itself.
If the bearish trend continues, the price of MAGA could plunge further down to the $1.5 support zone.
Meanwhile, the oversold RSI and the bounce from the lower boundary of the channel suggests a looming bullish reversal pattern. In this scenario, TRUMP could soar towards the upper boundary of the channel, and around the 200-day SMA at $3.34.
Meanwhile, investors are also buying into another PolitiFi project called FreeDum Fighters ($DUM), which has soared past $450k in funds raised in its presale.
According to analyst and YouTuber Jacob Bury, with over 43k subscribers, DUM can surge 10X when it launches.
Will FreeDum Fighters Be The Next Crypto To Explode?
FreeDum Fighters combines humor, politics, and gamification to parody the US presidential election.
When investors buy DUM, they are invited to vote (stake) for either MAGATRON, a mechanized version of Donald Trump, or Kamacop 9000, representing defeated rival Kamala Harris.
Ready for this year's elections?
Get involved early by joining the @Freedum_Fighter elections between MAGATRON and Kamacop 🦅
Cast your vote by participating in the $DUM presale and using their stake-to-vote system 🗳️
Be sure to follow this project, you will not regret it.🔥🔥 pic.twitter.com/j452Rht1Lq
— Red (@Redlion35) October 17, 2024
Voting for MAGATRON offers a huge 270% annual staking yield, while backing Kamacop 9000 brings a dazzling 720%. About 66% of token holders have voted (staked) for MAGATRON.
Available on multiple blockchain platforms, including Ethereum (ETH), Binance Smart Chain (BSC), Base, and Solana (SOL), FreeDum Fighters also keeps holders engaged with weekly debates and quizzes.
Visit the official FreeDum Fighters website to buy $DUM tokens here using ETH, BNB, USDT, USDC, or SOL for $0.00007 apiece.
If you are interested, buy before a price hike in less than 32 hours.
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