TRUMP ($MAGA) leads the memecoins down after Harris wins debate

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As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous market cycles and trends. From the dot-com bubble to the 2008 financial crisis, I have learned that predicting short-term market movements can be a tricky business.

As an analyst, I observed on Tuesday that Donald Trump seemed to have a challenging time during the Presidential debate, with Kamala Harris seemingly outshining him. If Harris were to win the election, some experts predict this could be unfavorable for cryptocurrencies. This potential outcome might explain why TRUMP ($MAGA) experienced a significant drop in value, and other memecoins followed suit.

$MAGA not a happy chart

Over the near future, the $MAGA stock isn’t looking particularly optimistic. It’s forming a downward trend characterized by lower highs and lower lows within a descending channel. The levels at $2.95 and $2.70 serve as the final barriers of support.

From a favorable perspective, we’ve reached a new peak, and it’s now uncertain if the current drop in value can be halted sufficiently to establish a higher minimum. The Stochastic RSI is approaching the bottom, which suggests that the indicator lines could eventually turn upward, potentially pushing the price back towards the top of the channel.

$MAGA plumbs the depths

Looking at the bigger picture over a weekly span, it’s clear that MAGA stock is still reaching its lowest points. It appears to have established a support level around $2.70, but whether this will remain stable is uncertain. The possibility of a reversal trend indicated by the Stochastic RSI doesn’t give a positive outlook.

$PEPE above solid support

Following in the footsteps of $MAGA, it’s also worth keeping an eye on $PEPE. However, unlike other memecoins, $PEPE has been performing quite well. The robust horizontal support at approximately $0.00000590 is maintaining its strength, and as this continues, there’s a high possibility of an upward trend emerging.

The 0.786 fibonacci is also acting as support, while the 0.618 fibonacci is resistance above. 

$WIF bull flag shaping up

At the moment when published, Dog With A Hat ($WIF) was still forming a bullish flag pattern. The trading range for the token was between a resistance level of $1.60 and support at $1.39. Unfortunately, the price dropped by 6.7%, causing it to fall below the resistance level.

In essence, the future outlook for WIF appears promising based on its current setup. If it manages to surpass the flag pattern upwardly, reaching its all-time high is a potential outcome. Conversely, if the flag pattern breaks downwardly, a steep decline could ensue, possibly taking the price down to $0.35. Proceed with care when trading.

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2024-09-11 14:11