- MAGA price is struggling below the 20-day exponential moving average.
- The MAGA coin price has declined by 60% in a month.
According to the technical chart, the MAGA coin price has witnessed intense selling pressure for a month and has declined by approximately 60%. MAGA crypto price has been up by 12.22% in the last few hours but is showing price rejection from the 20-day exponential moving average.
The MAGA coin price has been declining due to resistance from the trendline. The price has been showing wick rejection from the trendline and failed to reach the last swing high.
Current Price – $5.15 Fear & Greed Index – 71 (Greed)
Market cap – $209.34 million Price Prediction – $7.70 (51.76%)
Volume – $5.68 million Green days – 14/30 (47%)
Sentiment – Bullish RSI – 49
Volatility – 26.06% 20-day EMA – $5.08
The MAGA coin price has remained positive for 14 days in the last 30 days, indicating the natural momentum. The fear and greed index is 71 (Greed), and the volatility is 26.06%. According to the technical analysis, the MAGA coin price is forecasted to gain 51.76% to reach $7.70 by April 05, 2024.
MAGA coin price is trading at $5.15, which has surged by 12.22% in the last 24 hours. The market capitalization is $209, and the trading volume is $5.68 million. The circulating supply is 42,055,436 TRUMP, and the total is 46,502,452 TRUMP.
MAGA Coin Price: Will It Trigger a Breakout From the Trendline?
On a daily time frame, the MAGA chart displays that the price has been falling by facing resistance from a falling trendline. Since January, the price has been on a bullish trend, but the trend was disturbed near the $10 mark and performed negatively.
Suppose the MAGA price surpasses the trendline and is sustained, and then buying momentum can be expected. If the price reaches the $6 mark and trading volume increases, then buyers may become confident and lift the price to the last swing high.
On the other hand, if the sellers dominate, then the MAGA price may keep declining by facing resistance from the trendline. But if the price slips sharply below the $3 mark, all the previous gains can be converted into a loss.
According to the technical indicators, the MAGA crypto price is trading below and facing resistance, and the 20-day exponential moving average favors the bearish grip. RSI is at 45 and has just surpassed the RSI-based moving average, which shows the buyers’ involvement.
Technical Analysis of MAGA Coin on 4-H Timeframe
In a 4-H timeframe, the MAGA coin price has declined through a falling channel. If the price starts trading over the channel and sustains, then buyers may become confident, which may lead to a buying momentum for the short term.
Alternatively, suppose the MAGA crypto price slips below the channel. Then buyers may panic and prefer to book profit. If the investors lose their interest, then selling momentum can be expected, and sellers may eye for the $1 mark.
Conclusion
Based on the analysis, the MAGA coin price has been facing intense selling pressure and declining for a month now. However, there has been a recent surge in price, but it is still struggling to sustain above the 20-day exponential moving average.
The technical analysis predicts that the MAGA coin price may gain 51.76% to reach $7.70 by April 05, 2024. However, the price has been facing resistance from the trendline and has failed to get the last swing high. Buying momentum can be expected if the price surpasses the trendline and sustains.
Technical Levels
Resistance: $6.00 & $9.00
Support: $3.65 & $2.20
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.