MAGA (TRUMP) eyes 22% rally after finding support around $4.579
- MAGA's price encounters resistance around the daily level of $6.576.
- Sideline buyers looking for opportunities can do so at the weekly support of $4.579.
- A daily candlestick close below $4.579 would invalidate the bullish move.
MAGA (TRUMP) price encounters resistance near the daily level of $6.576. Buyers on the sidelines seeking opportunities can consider accumulating TRUMP tokens at the weekly support of $4.579 before anticipating a potential upside in the coming days.
MAGA price shows potential for an upside move
MAGA encountered resistance near the daily level of $6.576 and experienced a 19.21% decline on Sunday. As of Monday, it has rebounded by 0.43% and is trading at $5.356.
If TRUMP's price holds support near the weekly level of $4.579, it could surge 22% and retest its daily resistance at $6.576.
The Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the daily chart are trading below the neutral thresholds of 50 and zero, respectively. For bulls to sustain momentum, both indicators must rise above these critical levels, potentially supporting the ongoing recovery rally.
If TRUMP's price closes above $6.576 and breaches the descending trendline formed by connecting multiple swing highs from June 1 to June 28, it could potentially initiate a further rally of 59%, aiming to retest its daily peak of $10.401 recorded on June 27.
TRUMP/USDT daily chart
However, if TRUMP closes below $4.579, resulting in a lower low on the daily timeframe, it would nullify the bullish thesis for MAGA. This scenario could trigger a 25% crash, revisiting its March 28 low of $3.367.
Author
Manish Chhetri
FXStreet
Manish Chhetri is a crypto specialist with over four years of experience in the cryptocurrency industry.
