During a less volatile Sunday trading session, the TRUMP price plunged 2.75% to $3.07. The downswing signals the continuation of its month-long consolidation trend following the broader market uncertainty. However, the lateral movement could be calm before the storm as we approach the historic debate between sitting Vice President Kamala Harris and former President Donald Trump.
TRUMP Price Prepares for Breakout as Debate Day Nears
The upcoming September 10th debate between Vice President Kamala Harris and former President Donald Trump is set to be a historic and highly anticipated event in the 2024 presidential race. Hosted by ABC, the debate will focus on critical issues such as economic recovery, foreign policy, and immigration, allowing both candidates to share their strategies with the U.S. Voters.
Concerning the crypto market, this event could have a major impact on Politifi tokens like MAGA (TRUMP) and Kamala Horris (KAMA).
According to a tweet from Sistine Research, the TRUMP price consolidation is likely a bottoming zone that signals the beginning of speculative buying. The sideways trend could allow buyers to recuperate the bullish momentum and form a suitable base for the next leap.
The upcoming debate could spike volatility in MAGA coin and bolster to breach the overhead trendline that carried the last 3-months correction. The potential breakout will push the asset into the speculation zone, with an acceleration phase likely to begin 30 days before the Election on November 5th.
The chart below highlights this trendline breakout as a recurring pattern that drove a direction trend in TRUMP price.
TRUMP
Debate in 10 days. Perfect catalyst to pop us over the trend line.
Still in the bottoming zone, not even in the speculation zone yet. pic.twitter.com/KtHKTCnsQg
— Sistine Research (@sistineresearch) August 31, 2024
MAGA Token Hints End-of-Correction Amid Wedge Pattern
A deeper analysis of the daily chart shows the current correction is forming a falling wedge pattern. The chart is a well-known reversal setup, as two converging trendlines indicate diminishing bearish momentum.
Moreover, the narrow range from the Bollinger Band indicator accentuates the low volatility trading but decisive breakout underway. If the buyers flip the overhead trendline into support, the TRUMP price could be $11.5, followed by $17.75.
On the contrary note, a reversal from the resistance trendline will signal the continuation of the downward trend.
Frequently Asked Questions (FAQs)
The TRUMP token is forming a bullish reversal pattern called falling wedge.
If the TRUMP token successfully breaks out from the wedge pattern, the price could reach $11.5, followed by a potential move up to $17.75.
The debate between Kamala Harris and Donald Trump could serve as a catalyst for a breakout in the TRUMP token, potentially ending its 3-month correction
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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