The #MAGACoin Hat token experienced a dramatic plunge of over 37% in the past 24 hours, dropping to $0.00008965 as traders redirected their attention to other political-themed tokens. The price decline in the MAGA token follows Donald Trump’s recent U.S. presidential election victory, which has shaken up the landscape for politically-themed cryptocurrency investments.
Despite the broader cryptocurrency market showing an upward trend, meme coins associated with the newly elected president struggled, with MAGA being one of the hardest hit.
MAGA Hat Token Loses Key Support Level Amidst Consolidation Efforts
In the last 24 hours, MAGA has lost a critical technical support level at $0.00012193, according to a four-hour chart from GeckoTerminal. The token is currently holding above its next support at $0.00007139, a price threshold that could determine its near-term fate. If MAGA sustains this level for the next 12 hours, it could spark a rebound attempt with a potential to recover above the $0.00012193 resistance.
Alternatively, a decline below $0.00007139 could intensify selling pressure, triggering panic among investors and potentially pushing MAGA’s price further down in the short term.
Technical Indicators Signal Continued Downward Pressure
An analysis of MAGA’s technical indicators shows signals that suggest further price declines could be forthcoming. The Relative Strength Index (RSI) currently sits in the low 30s, indicating an oversold condition, yet with a negative slope hinting at persistent selling pressure.
While oversold RSI levels often signal a potential buying opportunity, the downtrend in RSI suggests that MAGA may struggle to attract significant buying interest in the immediate term.
The Moving Average Convergence Divergence (MACD) indicator reinforces this bearish outlook. The MACD line remains positioned below the MACD signal line, indicating a bearish phase. However, the narrowing gap between the two lines suggests that a potential trend reversal may be on the horizon if buyers step in.
With the ongoing bearish indicators, MAGA’s price could face further declines in the next 24 hours. Nonetheless, some investors are looking beyond MAGA as new tokens enter the political meme coin space.
FreeDum Fighters (DUM) Emerges as Promising Rival
As MAGA struggles, a newly launched political meme coin, FreeDum Fighters (DUM), is attracting investor interest with its unique theme and lucrative staking rewards. The project brings a playful, on-chain representation of American politics, allowing supporters of both Trump and Harris to engage in a symbolic showdown between "Magatron" (Trump) and "Kamacop" (Kamala Harris).
Although Kamala Harris lost the presidential election, her supporters can still back Kamacop and earn staking rewards of up to 724% APY during the presale. Trump supporters, on the other hand, can stake tokens for Magatron with annual rewards of up to 273%.
FreeDum Fighters has drawn attention from influencers in the crypto space. An analyst from the popular 99Bitcoins YouTube channel, which has over 706,000 subscribers, has suggested that DUM could surge up to 100x following its launch due to its speculative appeal and substantial staking incentives.
Strong Investor Demand for DUM Tokens in Presale
The FreeDum Fighters project has already raised over $446,000 through its Initial Coin Offering (ICO), with presale prices currently at $0.00007. Investors can acquire DUM tokens using ETH, BNB, BASE, SOL, USDT, or USDC through the project’s website, which also offers an option for immediate token staking on either Kamacop or Magatron to access rewards.
As demand grows, investors looking to secure the presale price should act swiftly, as the DUM token price is scheduled to increase in approximately two days.
Final Thoughts:
While MAGA grapples with bearish market pressures, FreeDum Fighters (DUM) is capitalizing on investor interest in political meme coins, enhanced by substantial staking yields. The contrasting fates of MAGA and DUM highlight the dynamic nature of political-themed cryptocurrencies and suggest that investor sentiment may increasingly favor tokens with novel features and compelling reward structures.
