Failed assassination attempt on Trump boosts Bitcoin and Trump-themed meme coins. Discover which tokens soared and why!
An assassination attempt on Donald Trump has set the media abuzz, and its ripple effects have surprisingly reached the crypto world. Following this failed attempt, Bitcoin broke through resistance levels, soaring past $60k. Alongside this, Trump-themed meme coins experienced a significant pump.
Let’s dive into the coins that received an unexpected boost.
Bitcoin had been in a downtrend since hitting $72k on June 7. On June 24, it bounced back from the $59,500 support level but faced strong resistance at $63,000. Negative sentiment among traders and investors, influenced by both market and non-market factors, impacted not just BTC but also altcoins. Bitcoin briefly touched $59,900, and as we mentioned in our previous article, the $59-60k range became a formidable resistance zone, with BTC struggling to break above it despite multiple attempts.
However, after the failed assassination attempt on Trump, BTC received a boost, breaking the $60k resistance and reaching $63k. It is currently hovering in that zone, which is another old high resistance area. The 20 MA has crossed above the 50 and 100 MAs, indicating a bullish trend.
The Bollinger Bands show a very open zone, suggesting high price volatility. This could imply that the recent jump was temporary, and the price might retrace. The RSI, currently at 76.91, supports this, indicating BTC is overbought and may need a correction.
Fibonacci analysis also highlights high resistance in BTC’s current zone.
Immediately after the failed attack on Trump, the MAGA meme coin, ticker TRUMP, surged 68.38%, rising from $6.17 to $10.37. It climbed seven ranks on CoinMarketCap to 219th place. Currently, MAGA is trading at $8.00.
This meme coin has risen 28.64% in the past seven days and is now trading at $0.01067, with a market cap of $24.9M. Following the assassination attempt, this coin saw a 38.87% rise.
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.
Although all these tokens saw significant jumps alongside Bitcoin, they have since pulled back. Bitcoin remains the only coin still on the rise, showcasing the power of strong fundamentals. However, this doesn’t mean investors can’t profit from meme coins. These coins are highly volatile, and with careful steps, they can offer substantial returns.
Investors just need to perform due diligence.
Read Also: Top 10 PolitiFi Altcoins To Buy Ahead Of The US Elections 2024
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