The US elections are on the cards as the top ones, like Dogecoin & Shiba Inu, are gaining back the lost attention. While the entire market is consolidating on election eve, these memecoins have been performing well, with a notable rise in the social sentiments as well. According to the data from LunarCrush, the top memecoins with leading combined social and market activity include SHIB, DOGE, TRUMP, MICHI, PEPECOIN, etc., and a few more.Â
As the U.S. elections are underway, there are huge chances of MAGA (TRUMP) reviving a strong ascending trend with eye-catching bullish action. The price has already broken out of a double bottom reversal with targeted ATH being 5x away. The top poltifi token has gathered over $130 million in market capital that remained almost flat till the start of the year. According to the Polymarket predictions, Donald Trump leads with a 61% chase of victory, which is expected to catalyse the Bitcoin rally.Â
In the short term, the TRUMP price appears to have accomplished a parabolic recovery and is stuck within a descending parallel channel. Now that the token is testing the upper resistance of the channel, a breakout is expected but the stochastic RSI suggests a small pullback could be on the cards. Therefore, the MAGA price is expected to slightly drop to $3.2 or $3.1, which may be followed by a strong breakout.Â
The MACD suggests a trend reversal could be fast approaching as the selling pressure has faded with the levels about to undergo a bullish crossover. This move may lead the rally above $4 and positive election results may elevate the levels to even a double-digit figure. However, the market specialists and analysts have been suggesting to be vigilant over the TRUMP price rally as a major drop could erase all the gains in just a few moments.Â
