MAGA Hat Meme Coin Goes Viral as Dogecoin Rival Scoops $2.9 Million
The crypto markets just can’t get enough of political meme coins as US Presidential Election fever fuels back-to-back Donald Trump crypto coins. In the latest move, MAGA Hat meme coin has exploded overnight.
This article will provide an analysis of MAGA’s current price trends and look to see whether an innovative new meme coin, PLAY, represents a more promising investment opportunity at this time.
$MAGA coming to Las Vegas pic.twitter.com/Tg5gQG7Fkm
— MAGA (Parody) (@MagaHAT_ETH) June 7, 2024
MAGA Hat has emerged as one of the more successful Trump-themed PolitiFi projects in recent days, with small-level CEX listings just weeks after launch acting to cement its position within the landscape.
As MAGA Hat token fights to reverse a strong downside move over the past day, MAGA is currently trading at a market price of $0.00024 (representing a 24-hour change of -18%).
This comes as the price undertakes a triple test of lower support above $0.0020, in a reflection of holder anxiety around seemingly cascading price action.
Indeed, the past two days have witnessed a dramatic -67% come-down from MAGA’s dazzling heights at the recent all-time high of around $0.0075.
Yet, with price action well-defended at current support levels, all eyes now turn to the prospect of a bounce, which would see MAGA bulls aiming to flip upside resistance at $0.003 to support.
This is a critical move that will be vital for the survival of the MAGA project. With the dominance of a major downtrend currently suppressing price action, a further rejection from the lower trendline should warrant a quick exit for traders.
Yet, despite the overhead resistance, MAGA remains alluring here, with a decreased market cap at $100M teasing the prospect of a potential 5x play
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