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Trump Coin (MAGA) Price Prediction – When will MAGA hit $100?

Trump Coin (MAGA) Price Prediction
author Written by
Rex John Walsh
author Fact checked by
Sangram Mohanta

Last Updated on June 25, 2024 by TOP FOREX BROKERS REVIEW

MAGA (TRUMP), a meme coin that was inspired by former US president Donald Trump, recently experienced a price surge, surpassing the old resistance level of $14, before moving sideways.

The broader meme coin sector, which had been in decline for several days, began to recover, despite TRUMP facing another rejection. This market-wide resurgence has also resulted in Bitcoin's price returning to $69.5k.

The fact that MAGA was among the first to exhibit growth is noteworthy, despite the fact that numerous meme coins have outperformed TRUMP on a 24-hour basis. This increase may be associated with the impending birthday of Donald Trump, which is only two days away. MAGA admirers may be motivated to increase the price in anticipation.

Nevertheless, the investment in TRUMP is still considered hazardous, despite its potential for substantial growth, particularly if Trump prevails in the forthcoming elections. 

Other novelty coins that are inspired by Trump, including MAGA Hat (MAGA) and Super Trump (STRUMP), have also experienced a decline in recent gains. The prices of these currencies were influenced by the decline in Nasdaq-listed Trump Media shares on Monday. 

Why MAGA/USDT Moves Higher?

Following the filing of an updated S-1 form and the employment of a new auditing firm in response to the SEC's allegations of fraud against the previous auditor, Trump Media stock experienced a more than 7% decline. This decline has exacerbated the volatility of these meme coins.

On June 1, 2024, TRUMP achieved an all-time high of $17.51, but failed to sustain the upward momentum. This volatility was exacerbated by Trump's growing acceptance of cryptocurrency and related events, which also resulted in a significant increase in his crypto wallet holdings, which now amount to millions of dollars. Nevertheless, the aggregate wealth of purses associated with Trump's 2024 presidential campaign has been diminished as a result of recent price fluctuations.

Why MAGAUSDT Moves Higher

 

In the Trump Coin, significant selling pressure has been observed since inception, making the upcoming price action unclear. As a result, the price bottomed out around the $3.996 level and underwent prolonged consolidation until a breakout occurred in May 2024.

The breakout in May 2024 propelled the price higher with strong momentum, reaching a new monthly high. Subsequently, the price underwent a retracement before making another high around the $20.00 area. Currently, the price is trading sideways with potential buyers expecting upward continuation after a valid breakout.

The Relative Strength Index (RSI) is currently reading above 50.0, indicating neutral momentum. Given the bullish trend, a shift in the RSI above the 60.0 mark could present a long opportunity.

The daily price action shows a bullish breakout in Trump Coin, suggesting a high probability of further upside aiming to reach the psychological level of $30.00. However, a downside correction is possible if the price falls below the high volume line and confirms a bearish candle below it, potentially leading to a decline towards the $10.00 area."

Why MAGAUSDT Moves Higher

 

In the daily Ichimoku cloud analysis of the Trump Coin, the recent price shows a bullish continuation momentum. The price went below the cloud support in May 2024 but failed to hold the momentum; as a result, an immediate bullish rebound came with a swing high formation at the $20.00 level.

Looking ahead, the Senkou Span B remains flat, suggesting neutral momentum, while the Senkou Span A is aiming higher. This indicates that short-term buyers are active in the market and could push the price even higher towards near-term resistance.

In the indicator window, the MACD indicator suggests ongoing selling pressure as it maintains momentum below the neutral point. Moreover, a crossover is visible among the signal lines, which acts as a bearish signal.

Based on the daily market outlook, MAGA Coin suggests continuation with bullish momentum as long as the candle remains above the $10.76 level, extending pressure towards the $30.00 area. On the other hand, a drop below the cloud support could negate this possibility and push the price towards the $5.00 level.

Is MAGA/USDT A Buy?

Based on the current market structure, MAGA/USDT is more likely to extend the buying pressure after having a valid breakout from the bullish pennant pattern. As per the current momentum $30.00 is the highly anticipated level for 2024 before aiming for the $80.00 level by the end of 2025.

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