TRUMP (MAGA) Price Analysis and Forecast: Could the MAGA Price Recover From the Bottom or Keep Surging?

TRUMP’s (MAGA) price have been on a strong bearish trend, like a blood bath. It has dropped by 90% since June and has reached a multi-year low.

TRUMP memecoin (MAGA/USD) price displayed a strong bearish trend over the past few months, reaching a multi-year low. But recently, the MAGA coin price has shown signs of stopping the bearish trend and starting a bullish recovery trend.

According to CoinMarketCap, the price of MAGA memecoin is trading at $1.68 with a 5.56% loss in the past 24 hours. Also, the trading volume dropped by 5.56%, reaching $3.24 Million in the past 24 hours, and the market capitalization is reaching $74.58 Million.

After reaching a high of $24 in early June, the TRUMP memecoin price began a bearish trend. It dropped sharply, reaching a low of $1.29 by the end of the month.

The bearish trend continued in July, and the MAGA price reached a new low of $1.18. After forming a double bottom at this level, the price started to recover.

By mid-August, the bullish trend gained momentum, and the MAGA coin price rose to $2.1. However, the price failed to hold at this higher level and began another bearish wave.

After reaching a low of $1.12 in early September, the price recovered again and began to trade within a range. In the past few weeks, the price has shown signs of stopping the bearish trend.

MAGA/USD 4-hour chart (Binance)

On the 4-H time frame, the MAGA price has shown signs of struggling within a parallel channel. However, the price stayed near the upper trendline and held the 20-day EMA.

Buyers may show interest if the MAGA coin price triggers a breakout from the parallel channel. If the price surpasses the 200-day EMA, investors might be confident and ride the trend further.

Conversely, if the price fails to trigger a breakout, sellers may drag down the price to a lower level. Once the price starts trading below this channel, buyers might find it difficult to bounce back.