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MAGA price soared 23% in the last 24 hours trading at $2.07 at 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% to 4.75%.
MAGA price is ready for a bullish trend reversal
MAGA price appears to be moving in a descending channel, indicated by the two descending trendlines. This trend is generally bearish, showing that the price is constantly making lower highs and lower lows.
However, descending channels can sometimes lead to bullish reversals upon a breakout above the upper trendline, although this would require strong buying pressure.
TRUMP found support at the lower boundary of the channel around $1.82, which could suggest a bullish trend reversal, according to data from GeckoTerminal.
Due to the channel downtrend, MAGA price has been trading below the 50-day and 200-day simple moving averages (SMA).
The relative strength index (RSI) is at 35.53, which is close to oversold territory (below 30). Although it is not technically oversold, it is approaching this level, which could indicate weakening selling pressure. However, in a downtrend, the RSI often oscillates around these lower levels, so it does not necessarily indicate a reversal per se.
If the downtrend continues, MAGA price could plunge further to the $1.5 support zone.
Meanwhile, the oversold RSI and rebound from the channel’s lower boundary suggest an impending bullish reversal trend. In this scenario, TRUMP could surge towards the upper boundary of the channel and around the 200-day SMA at $3.34.
Meanwhile, investors are also buying another PolitiFi project called FreeDum Fighters ($DUM)which exceeded $450,000 in funds raised during its pre-sale.
According to analyst and YouTuber Jacob Bury, with over 43,000 subscribers, DUM can grow 10-fold upon launch.
Will FreeDum Fighters be the next crypto to explode?
FreeDum Fighters combines humor, politics and gamification to parody the American presidential election.
When investors buy DUM, they are asked to vote (stake) either for MAGATRON, a mechanized version of Donald Trump, or for Kamacop 9000, representing his defeated rival Kamala Harris.
Ready for this year’s elections?
Get involved from the start by joining the @Freedum_Fighter elections between MAGATRON and Kamacop 🦅
Vote by participating in $DUM pre-sale and using their bidding system to vote 🗳️
Make sure to follow this project, you won’t regret it.🔥🔥 pic.twitter.com/j452Rht1Lq
– Red (@Redlion35) October 17, 2024
Voting for MAGATRON offers a whopping 270% annual staking return, while backing Kamacop 9000 brings a dazzling 720%. Around 66% of token holders 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 purchase $DUM tokens here using ETH, BNB, USDT, USDC or SOL for $0.00007 each.
If you are interested, buy before a price increase in less than 32 hours.
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