MAGA's price action has suddenly slowed down after having one of the most successful uptrends within the last couple of weeks. MAGA (MAGA) is a meme coin that directly parodies the MAGA (Trump) crypto.
Both cryptos recorded a significant bullish trend after TRUMP's recent statements about the crypto world. At the moment, MAGA seems to have found a bit of stability.
Introduction of MAGA Cryptocurrency: TRUMP Meme Coin Phenomenon
Donald Trump, the 2024 presidential election candidates, has recently captured the interest of crypto enthusiasts by showing his interest in championing for crypto change. In fact, Trump owns about 463 ETH and $7.2 million worth of MAGA coins.
MAGA (MAGA) drew inspiration from Trump's iconic hat, offering an utterly community-driven coin with 0% tax. As a meme coin, MAGA has no real case value other than bringing the Trump community together in support of full crypto adoption in the US.
Cryptocurrencies in the US have been a highly debated topic, with some politicians leaning towards a ban while others are fully embracing the crypto era. Trump hopes to make the US a crypto-friendly space when he takes over. He has even gone as far as suggesting if you are in favor of crypto, you should vote for him.
As a controversial public figure, Trump is single-handedly driving the hype around this meme coin. However, even though this coin's popularity is linked directly to Trump, the company maintains that it does not have any partnership or approval from Trump.
Price Action of MAGA on CoinEx: MAGA Price Change
On May 21, Trump launched a fundraising page where people can donate to crypto. Since then, MAGA's price has gone through the roof, breaking one resistance after another, only slowing down in the last couple of days. However, technical indicators such as the Bollinger bands indicate the price is still bullish.
But looking at the price action chart at the moment, it's clear that a correction has started. While the price action has approached the lower band, the bands still are pretty wide. The RSI has gone from being overbought to oversold in recent days. That signifies traders are selling their tokens in bulk, leading this coin's price to come down from the strong bullish trend.
This could actually be a good thing. Traders who focus their attention on the RSI might see this as the perfect time to buy the dip, meaning the high-stakes traders might make a move soon. And if you'd like to leverage on the next move, a good place to buy this coin is at CoinEx.
Overview
- Name: MAGA (MAGA)
- Official link: https://maga-hat.vip/
- Explorer: https://etherscan.io/token/0xd29da236dd4aac627346e1bba06a619e8c22d7c5
- Total supply: 420,690,000,000 MAGA
- Contract address: 0xD29DA236dd4AAc627346e1bBa06A619E8c22d7C5
- Twitter: https://x.com/MagaHAT_ETH
- Telegram: https://t.me/MAGA_HAT
- Supported CEX: CoinEx, MEXC, BingX, LBank, CoinEx, OrangeX, BitMart
- Supported DEX: UniSwap, OpenOcean, DODO (Ethereum), Jupiter,
- Convenient for users to know in time: https://www.coinex.com/en/info/MAGA
*This article does not constitute investment advice.
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