Leading political finance (PolitiFi) coins have defied the broader market trend, experiencing price declines in the past 24 hours. ConstitutionDAO (PEOPLE) and Maga (MAGA) saw their values drop despite overall market stability.
These movements come as the US election day, set for November 5, approaches, adding uncertainty to the performance of these politically linked tokens.
ConstitutionDAO Loses Steam
PEOPLE currently trades at $0.08, registering a 2% drop over the past 24 hours. During that period, its trading volume has surged by 17%. A price drop accompanied by rising trading volume suggests that many traders are selling the asset, creating downward pressure.
PEOPLE’s negative Chaikin Money Flow supports this bearish bias. As of this writing, it is at -0.01 and in a downward trend.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
When both price and CMF are declining, the bearish sentiment is strengthened. The falling price shows weakness, and the negative CMF confirms that traders are not accumulating the asset, further reinforcing the downward momentum.
If the downtrend continues, PEOPLE’s price could drop by 26%, reaching $0.06. Should the bulls fail to defend this support level, a further decline to $0.05 may occur.
The Demand for MAGA Grows Weaker
MAGA is another leading PolitiFi coin whose value has plunged over the past 24 hours. The meme coin currently trades at $0.00014, noting a 10% price drop during the period on review. Its technical setup, assessed on a 12-hour chart, confirms the waning accumulation.
For example, readings from its moving average convergence/divergence (MACD) indicator show its MACD line (blue) below the signal line (orange). This indicator tracks a trend’s momentum. When set up this way, it signals weakening momentum and indicates a downward price trend.
Additionally, MAGA’s Elder-Ray Index has fallen below zero, sitting at -0.000027. This indicator assesses the strength of buyers and sellers, with a negative value signaling that sellers are currently stronger, reflecting bearish market sentiment. If this trend continues, MAGA’s price could decline by 57%, potentially reaching $0.000061.
Read more: Best Crypto To Buy Now: Top Coins To Keep an Eye on in October 2024
However, if the altcoin witnesses a resurgence in demand, MAGA’s price may rebound and climb toward $0.0031, invalidating the bearish projection.
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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Abiodun Oladokun
https://beincrypto.com/politifi-coins-buck-market-trend/
2024-10-15 20:00:00
