While Bitcoin [BTC] has been closely monitored as part of the ‘Trump trade’ due to the heightened probability of the former president’s reelection, alternative cryptocurrencies like MAGA crypto have also seen significant gains.
Over the past week, MAGA crypto has experienced a remarkable surge of 33%, surpassing the performance of BTC, which registered a modest 6% increase during the same period.
Should the US election results align with forecasts from platforms such as Polymarket, MAGA and its associated coins could witness a substantial rally.
Implications of the US Elections on MAGA Crypto
As of the latest data, Polymarket indicates a 66% likelihood of Trump securing victory, overshadowing Kamala’s odds at 34%. With multiple predictive models favoring a Trump win, the potential outcome has the capability to propel MAGA crypto towards another bullish trend.
There exists considerable confidence in this projection, with influential investors placing significant wagers on Trump’s potential reelection.
Interestingly, market sentiments seem to be aligning with the predictions established by these forecasting platforms.
QCP Capital, a trading firm, suggests that in the event of a Trump victory, BTC and cryptocurrencies could outshine traditional US stocks. The firm expressed,
“The increasing chances of a Trump win have uplifted both stock markets and Bitcoin. We anticipate that Bitcoin, in particular, holds strong potential for long-term gains compared to equities.”
Crucial Price Levels for MAGA
If this scenario unfolds, MAGA, along with coins like DJT, could witness a surge that outpaces BTC once again.
Current social media activity related to MAGA has reached a peak unseen in the past two months, indicating a heightened interest and engagement within these platforms. This surge in attention could propel MAGA’s price trajectory upwards.
Nevertheless, the overall sentiment has taken a slight dip into negative territory, reflecting short-term caution within the market concerning this memecoin.
At present, MAGA is valued at $4.3 according to recent data. However, a significant uptrend could drive prices towards $12, marking a key resistance level representing a bearish order block from July. This juncture could potentially spark a 200% surge in value.
Conversely, in the event that Trump does not secure victory, MAGA risks facing a plummet to zero. This underlines the critical juncture that lies ahead for MAGA and other politically-driven memecoins in the coming week.