Kamala Horris (KAMA), the meme coin linked to current US Vice President Kamala Harris, is down 28% in the last seven days. This development comes following rising odds that Republican candidate and former president Donald Trump could win the next elections.
About one week ago, KAMA’s price was $0.0087. Today, the cryptocurrency is trading at $0.0059, and this analysis explains why the value of meme coins might continue to sink.
The Kamala Harris meme coin decline could be linked to the fact that the odds are clearly in favor of Trump winning the election. A few weeks back, both candidates were at loggerheads, as the bettors on the decentralized betting platform Polymarket were divided about who would win the election.
However, as of this writing, things have changed. According to Polymarket bets, Trump’s chances of becoming US president by next month have surged to 59.7%. Harris, on the other hand, lags with 40.2% in the VP’s favor.
As previously reported, crypto appears to play a key part in potential voters’ decision-making. While Trump has repeatedly declared his support for the industry and launched a token, Harris appears to be on the sidelines even though a recent action shows she has changed her stance.
Read more: What Are Meme Coins?
Following this development, the Bull Bear Power (BBP) shows a massive decline on the KAMA/USDT 4-hour chart. The BBP measures the strength of buyers (bulls) compared to sellers (bears).
When the reading rises, bulls are in control, and the price can increase. But in this case, the indicator’s reading has dropped, suggesting that bears are dominant. If this remains the same, then KAMA’s price could decline much further.
KAMA Price Prediction: Continued Decline Expected
Looking at the 4-hour chart, KAMA’s price is below the key Exponential Moving Averages (EMA). As seen below, the 20 EMA (blue) and 50 EMA (yellow) are all above the meme coin’s value.
Assuming KAMA’s price was above the EMA, the trend would have been bullish. But since it is below it, Kamala Horris’s trend is bearish and might continue to remain like that in the short term. The trading volume also declined and showed high selling pressure, reinforcing the bearish bias.
Read more: 11 Top Solana Meme Coins to Watch in October 2024
Should this stay the same, KAMA’s price might plunge to $0.0051. However, if Kamala Harris’ odds of winning the elections improve, the meme coin might experience a rebound toward $0.0073.
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.
Source link
Victor Olanrewaju
https://beincrypto.com/trump-odds-sends-kamala-harris-meme-coin-down/
2024-10-16 16:00:00
