MAGA Hat (MAGA) has surged 140% in the past month as election season ramps up.
This meme coin, which draws inspiration from Donald Trump’s iconic red cap, has been gaining traction on social media.
But can it keep rising as we near voting day?
MAGA Hat Benefits from Hype Around U.S. Election
Like most meme coins, MAGA Hat isn’t trying to revolutionize the market with advanced tech or utility.
It’s simply about capitalizing on political sentiment.
The token, paying tribute to Trump’s signature campaign merchandise, initially peaked in May, but recent polling numbers have prompted a resurgence for this PolitiFi crypto.
MAGA Hat is now trading at $0.000145 – a strong recovery from last month’s lows.
It’s made its mark on the politics-themed coins niche, becoming the third-largest with a market cap of $59 million.
And with over 22,400 holders and $12.9 million in 24-hour trading volume, the token has clearly caught people’s attention.
But can it keep growing, or is it bound to follow the typical boom-and-bust pattern that meme coins often face?
Most traders believe the latter, given its lack of utility.
However, its link to Donald Trump’s political campaign has helped it draw in politically motivated investors who see it as more than just a meme coin.
Technical Patterns Point to Potential Breakout for MAGA Hat
Looking at MAGA Hat’s price action, a large triangle formation has emerged on the 4-hour chart.
This often appears just before a breakout.
What also stands out is the token’s defense of the $0.000134 support level, rejecting it five times since the start of October.
The latest test of this support happened yesterday, and once again, buyers stepped in.
This test suggests that momentum might be to the upside.
If MAGA breaks out of its triangle pattern, the next key resistance is at $0.000193, a potential 30% gain from current levels.
But that might not be the end of it.
If MAGA clears that resistance, the next major target would be July’s high of $0.000274.
That would represent an 84% price spike.
Ultimately, based solely on technical factors, MAGA Hat looks like it could be about to rally once more.
However, the unpredictable nature of PolitiFi cryptos means such a rally isn’t guaranteed.
Can FreeDum Fighters Beat MAGA Hat’s Gains? New PolitiFi Token Goes Viral in Presale Phase
MAGA Hat isn’t the only political crypto on traders’ radars.
FreeDum Fighters, a complete newcomer to the PolitiFi scene, is gaining traction with its unique staking app.
Thanks to its hilarious branding and timely launch, the project has already built up a loyal following.
However, it’s the stake-to-vote setup that’s catching people’s attention.
DUM holders can “vote” for their chosen candidate by staking their tokens through this setup.
Each candidate – MAGATRON and Kamacop 9000 – has a different APY on offer.
These APYs are dynamic, changing depending on how well the candidate is doing in the election battle.
On top of this staking system, FreeDum Fighters will also offer weekly debates and simulated elections.
The ecosystem even has a “Chat with Joe” chatbot.
Unsurprisingly, all of this has led to demand for DUM in the project’s ongoing presale.
The presale has raised $250,000 in just six days – with DUM tokens on offer for $0.00005 each.
Investors can buy in using ETH, BNB, SOL, or USDT.
Crypto analyst @Redlion35 is already buzzed about FreeDum Fighters’ prospects, telling his 102,000+ followers that they won’t regret investing.
But can DUM post higher gains than MAGA Hat?
Its built-in utility, combined with the low presale price, gives it an edge over its more established peer.
Assuming the presale momentum keeps growing, there’s every chance FreeDum Fighters could be the next big PolitiFi coin.
