- MAGA price breaks above the descending trendline, suggesting a bullish move.
- Sideline buyers can accumulate TRUMP around $6.576 daily support level.
- A daily candlestick close below $4.579 would invalidate the bullish thesis.
MAGA (TRUMP) has breached the descending trendline, indicating a potential bullish trend. Investors on the sidelines may consider accumulating TRUMP near the $6.576 daily support level ahead of a potential upside rally in the coming days.
MAGA price shows potential for an upside move
MAGA price broke above the descending trendline and the daily resistance level at $6.576 on Saturday and rallied 19% the next day to retest its daily high of $10.401 from June 27.
MAGA encounters resistance at the $10.401 level and, at the time of writing, trades 1% down at the $7.511 level on Monday.
If the trendline holds as throwback support roughly coincides with the daily support level around $6.576, TRUMP’s price could surge 58.5% and retest its daily high of $10.401 from June 27.
The Relative Strength Index (RSI) is currently above the neutral level of 50 on the daily chart, and the Awesome Oscillator (AO) is also approaching its neutral level of zero. If bullish momentum continues, both indicators must stay above their average levels to support the ongoing recovery rally. This would contribute positively to the upward movement.
If TRUMP's price closes above $10.401, it could initiate a 36% further rally, aiming to retest its next daily resistance of $14.127.
TRUMP/USDT daily chart
However, if TRUMP closes below $4.579, resulting in a lower low on the daily timeframe, it would nullify MAGA's bullish thesis. This scenario could trigger a 25% crash, revisiting its March 28 low of $3.367.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: WazirX exploiter moves nearly $12 million Ether to new address, Bitcoin, ETH post gains
Bitcoin trades above $58,000 at the time of writing, adding 2% to its value this week. Ethereum hovers around $2,300 as WazirX exchange exploiter moves 5,000 Ether to a new wallet address and a crypto mixer.
Bitcoin Weekly Forecast: On the road to $60,000
Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.
OpenAI releases new series of models, likely driver of Artificial Intelligence tokens market cap
OpenAI, an American artificial intelligence research organization headed by Sam Altman of the Worldcoin (WLD) project, made a key announcement on September 12.
Bitcoin and Ethereum traders could watch this signal for the next bull run
Crypto mining is the process by which new Bitcoin and Ethereum enter circulation. Data from crypto intelligence tracker shows that wallets of Bitcoin and Ethereum miners noted a decline in their holdings of the assets in the first half of the year.
Bitcoin: On the road to $60,000
Bitcoin (BTC) has risen 6% so far this week, an upward trend that will likely continue following Wednesday’s successful retest of the $56,000 daily support level. A rally towards $60,000 looks likely in the upcoming week as US-listed spot Bition Exchange-traded Funds (ETF) registered net inflows and BTC’s exchange flow balance and supply on exchanges decreased.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.