Memecoin frenzy intensifies as US election nears
Impact of Biden's Withdrawal: Joe Biden's announcement to step down as the Democratic nominee for the 2024 election led to a significant drop in value for Biden-related memecoins, with some losing over 60% within hours, while simultaneously causing a liquidation of nearly $67 million in leveraged positions in the crypto market.
Surge in Kamala Harris Tokens: In contrast, tokens associated with Vice President Kamala Harris experienced a surge in value, rising by 62% amid speculation that she could replace Biden as the Democratic nominee, while Trump-themed memecoins also saw fluctuations related to recent political events.
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Technical Analysis for
Technical Sentiment Analysis for () As of , () is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 0 technical signals, shows that 0 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
() Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | - | - | - | - | - | - | - |
| Fibonacci | - | - | - | - | - | - | - |
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