Donald Trump looked to have lost the Presidential debate on Tuesday as a resurgent Kamala Harris perhaps shaded the affair. If Harris wins the election, analysts say this would be bad for crypto. Maybe it’s for this reason that TRUMP ($MAGA) fell sharply, and the rest of the memecoins followed it down.
$MAGA not a happy chart
Source: TradingView
Looking at the short term time frame for $MAGA, it can be seen that it’s not a happy chart currently. A series of lower highs and lower lows have been made inside a descending channel. The two major horizontal supports at $2.95 and $2.70 are the last lines of defence.
Looking on the positive side, a higher high has been made, and so it just remains to be seen whether the current fall in price can be staunched enough to claim a higher low. The Stochastic RSI is near the bottom, so the indicator lines might turn up in time to send the price back to the top of the channel.
$MAGA plumbs the depths
Source: TradingView
Zooming out into the weekly time frame shows that $MAGA is still plumbing the depths. The price looks to have found a base at $2.70, but it’s yet to be determined whether this will hold. A potential cross back down for the indicators on the Stochastic RSI does not bode well.
$PEPE above solid support
Source: TradingView
Among the memecoins to follow $MAGA down is $PEPE. However, $PEPE is one of the leading memecoins, and the above weekly chart does not give the same cause for concern. The strong horizontal support at $0.00000590 is holding solid, and as long as it continues to do so, there is a good chance of an upside breakout.
The 0.786 fibonacci is also acting as support, while the 0.618 fibonacci is resistance above.
$WIF bull flag shaping up
Source: TradingView
Dog Wif Hat ($WIF) is still in a bull flag. The price is currently in a tight range between resistance at $1.60, and support at $1.39. Down 6.7% at time of going to press, this has taken the $WIF price back below the resistance.
That said, the setup looks very good for $WIF going forward. If it can break the flag to the upside, the all-time high would be a target. On the flip side, breaking the flag to the downside could lead to a vertiginous crash all the way down to $0.35. Trade with caution.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
