As Americans head to the polls today, November 5, to cast their ballots for the next president, several PolitiFi coins linked to the top two candidates are displaying mixed performances. Regardless of their pre-voting performance, this day is crucial for determining whether some of these tokens will rally after the results are announced or face potential extinction.
Historically, US election results are often declared within hours of the polls closing, creating a whirlwind of anticipation and speculation among voters and candidates alike. Here’s a thorough analysis of the current conditions of MAGA (TRUMP), Kamala Horris (KAMA), and Donald Tremp (TREMP).
MAGA (TRUMP)
MAGA is the top Donald-Trump-themed PoliFi coin with the highest market capitalization. A few months back, TRUMP’s market cap surpassed $100 million, and the former president’s election odds soared amid concerning reports about Joe Biden’s health.
But after the Democratic party elevated Kamala Harris to candidate status, TRUMP’s price fell. At press time, the meme coin’s price is $3.36, which is an 80% decline from its all-time high. Going into the US election day, the cryptocurrency’s value has decreased by 26%.
From a technical perspective, the Relative Strength Index (RSI) has dropped below the 50.00 neutral point. This decline indicates that the momentum around MAGA is bearish. If sustained, the price might continue to decrease, possibly hitting $2.61.
Read more: How to Use Polymarket In The United States: Step-by-Step Guide
However, if Donald Trump comes out victorious, the trend might change. In that scenario, the meme coin’s value might soar as high as $5.69. But if the former president does not win, then MAGA’s price might sink to an all-time low.
Kamala Horris (KAMA)
Over the last seven days, this Kamala Harris-themed meme coin has increased by 62%. This notable hike could be linked to the US Vice President closing in on Trump in the polls within the last few days.
However, the last 24 hours have not brought the same performance as KAMA’s price, which has decreased by 3.60%. On the 4-hour chart, the Moving Average Convergence Divergence (MACD) has dropped to the negative region, indicating bearish momentum.
Further, the 12-day Exponential Moving Average (EMA), in blue, has crossed below the 26 EMA (orange), which indicates that sellers are in control. If this trend continues, KAMA’s price might drop to $0.0098.
On the flip side, if buying pressure increases or Kamala Harris wins, the trend might change. If that happens, then KAMA could bounce to $0.018.
Donald Tremp (TREMP)
Unlike KAMA and TRUMP, Donald Tremp is part of the few PoltiFi coins with a notable surge on US election day. Since Sunday, November 3, TREMP’s price has increased by 20.22%.
Currently trading at $0.32, the Balance of Power (BoP) reveals that bulls are driving the meme coin’s price up. The BoP measures the strength of buyers compared to sellers. When the reading decreases, bears (sellers) have the upper hand.
But in this case, the reading has increased, meaning TREMP is experiencing a massive surge in buying pressure. If this trend continues, the meme coin’s price might climb to $0.46.
Read more: 11 Top Solana Meme Coins to Watch in November 2024
Meanwhile, if the election results come out and Trump loses to Harris, the prediction might be invalidated. In that scenario, the price might decline to $0.20.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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Victor Olanrewaju
https://beincrypto.com/us-election-day-showdown-politifi-coins/
2024-11-05 12:00:00
