MAGA ($TRUMP) price has surged more than 12% over the last 24 hours, as the predicted market of Donald Trump winning the upcoming U.S. presidential election has risen dramatically.
Trump’s odds of victory on the popular decentralized prediction platform, Polymarket, have climbed to 59.5%. It has triggered a rally in the cryptocurrency most closely tied to his political chances.
One of the major players in the prediction markets, the pseudonym “Fredi9999” has also been the prime mover behind the odds of Trump finally winning being driven up. The whale has spent another $938,000 in the past 12 hours to inch toward a net 1.59 million “Yes” shares, betting that Donald Trump will prevail in the election.
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What’s more, “Fredi9999” currently has an astounding 16.62 million “Yes” shares. They are worth nearly $9.9 million, a testament to its conviction that Trump has an outside shot of winning.
Meanwhile, MAGA ($TRUMP) spiked on Polymarket as Trump’s odds surged, rising more than 12% in the last 24 hours. This is also closely linked to the market’s attitude toward Trump’s prospects in the election.
Once again, traders eager for Trump’s chances to rise have fanned the flames of momentum. MAGA traded at $5.16, a 13.62% increase in 24 hours as of press time. It represents a strong price rally due to the speculation surrounding Donald Trump’s rising possibilities in the U.S. presidential election.
The rising value in a short period of time indicates that the market is gaining more confidence. Whales may also be entering the game at this time with the recent force of the prediction markets.
Maga Technical Analysis Shows Bullish Momentum
MAGA has been trading in an ascending channel (green) while on a bullish note. The token has pulled back after a consolidation. It dropped to around the 0.00015000 level and rallied towards the 0.00018000 resistance zone.
If sellers were active in this location, it’s marked in red, and the price traded this resistance numerous times. Despite the price recently hitting 0.00017623, this latest push suggested another attempt at breaking past the resistance level.
The ADX indicator reads 24.47 at the bottom of the chart, showing a weakening trend. The price is moving upwards, but the ADX tells us the trend isn’t all that strong, which implies that the rising action may dry up without stronger volume or buying pressure.
In general, the price action of the MAGA/USDT pair is currently bullish and inside an ascending channel. However, the key resistance at 0.00018000 has to be broken for the token to extend its rally.
A breakout or a rejection of this level should be watched by traders, who would see the 0.00015000 support act as a pull-back point. The moderate trend strength suggested by the ADX means that any news around Trump’s election chances could be the basis for a big price move.
