An assassination attempt on Donald Trump has become a hot topic not just in the media but also in the crypto world. Following this failed attempt, Bitcoin suddenly broke through resistance and surged past $60k. Additionally, Trump-themed meme coins saw a significant pump. Let’s take a look at the coins that got an unexpected boost.
Bitcoin Broke Resistance
Bitcoin had been falling since it touched $72k on June 7. On June 24, it bounced back from the $59,500 support level but got pushed back down by the $63,000 resistance. Negative sentiment among traders and investors, due to market and non-market reasons, affected not just BTC but altcoins as well. Bitcoin touched $59,900 after a long time. As mentioned in our previous article, the $59-60k range became a high resistance zone, and despite multiple attempts, BTC couldn’t break above it.
BTC Technical Analysis
After the failed assassination attempt on Trump, BTC got a boost and broke the $60k resistance, touching $63k. However, it is currently stuck in that zone, which is another old high resistance area. The 20 MA has crossed above the 50 and 100 MA.
The Bollinger Bands show a very open zone, indicating high price volatility. This could mean the jump was temporary, and the price might drop back down. The RSI, currently at 76.91, confirms this, indicating BTC is overbought and may need a correction.
Fibonacci analysis also highlights high resistance in BTC’s current zone.
Trump-themed Meme Coins Rally
MAGA Meme Coin
Immediately after the failed attack on Trump, the MAGA meme coin, ticker TRUMP, jumped 68.38%, rising from $6.17 to $10.37. It moved up seven ranks on CoinMarketCap to 219th. Currently, MAGA is trading at $8.00.
Super Trump Coin
This meme coin has risen 28.64% in the past seven days and is now trading at $0.01067. Its market cap is now $24.9M. Due to the assassination attempt, this coin saw a 38.87% rise.
Donald Tremp
This meme coin on Solana saw the highest jump, soaring 121.54% to reach $0.85. The number of Tremp holders has increased to 35,000. Currently, it is trading at $0.4447, with a market cap of $44.2M.
Final Thoughts
Even though all these tokens saw a significant jump along with Bitcoin, they all got pulled down. Bitcoin is the only coin still on the rise, showing the power of strong fundamentals. However, this doesn’t mean people can’t make money from meme coins. They are highly volatile, and with careful steps, they can help investors make a lot of money. They just need to perform due diligence.
Credit: Source link