In a surprising turn for investors, the cryptocurrency market entered October with a period of consolidation. This has seen many tokens experiencing a slight dip. However, the MAGA token, linked to former President Donald Trump, is one of the few exceptions. Today, the MAGA token experienced a 17% rise, defying the general market trend.
Such consolidations are common after an extended uptrend in the crypto market. While these slowdowns disappoint some, others see them as an opportunity to explore new tokens that could perform well in the changing market. This recent price hike of the MAGA token has reaffirmed its potential for some investors.
Why is the MAGA Token Price Surging?
The MAGA token, a Trump-themed cryptocurrency, has long been influenced by the former president’s media appearances and political activities. As the U.S. presidential election approaches, Trump’s visibility has increased, and this seems to have had a direct effect on the token’s performance.
Recently, Trump made headlines after engaging in public discussions about the aftermath of Hurricane Helene. The hurricane impacted thousands in North Carolina and Georgia, where Trump revealed that he had spoken with Elon Musk about using Starlink to restore internet services in the affected areas. Meanwhile, some netizens pointed out the absence of responses from President Joe Biden and Vice President Kamala Harris during the crisis, which has further fueled public discourse.
In addition, Trump’s strong showing in the Polymarket polls has also contributed to the MAGA token’s rise. Trump is just a few points behind Harris in these polls, where voters are debating who will secure the White House in November. This heated political climate seems to have boosted interest in Trump-related assets, including the MAGA token.
World Liberty Financial, Trump’s cryptocurrency venture, has also launched its KYC (Know Your Customer) verification, adding more hype to Trump’s growing presence in the crypto world. Such developments often lead to increased investor interest in Trump-themed cryptocurrencies, like the MAGA token.
Can MAGA Token Maintain Its Rally?
Meme coins, including MAGA, have gained significant attention this year, often yielding large returns for early investors. While tokens like PEPE and others had their time in the spotlight, their rallies were usually short-lived.
For the MAGA token, the price has hit $3.36 today, a notable 17% surge. However, this is still far from its all-time high of $17.52, which occurred 1 June 2024. Despite the recent surge, that could not last long and dropped by 2.45% to $2.76.
Technical analysis shows that sellers are slowly returning to the market, which could lead to a drop in the MAGA token’s price. On the other hand, there remains strong buying pressure, and the RSI (Relative Strength Index) indicates a neutral trend. This suggests the token’s current trend could continue for a while. Still, the next few hours will be crucial in determining whether the MAGA token will see another rally or decline.
Another factor to watch is Bitcoin’s performance, which is gradually declining. Since the overall cryptocurrency market is influenced by Bitcoin’s price, a continued downturn in Bitcoin could have a negative impact on MAGA as well.
Also Read: Scammers Exploit Memecoin Trending Lists to Steal Cryptocurrency
