Market
How Will US Election Day Impact Coins Tied to Trump and Harris?
As Americans head to the polls today, November 5, to cast their ballots for the next president, several PolitiFi coins linked to the top two candidates are displaying mixed performances. Regardless of their pre-voting performance, this day is crucial for determining whether some of these tokens will rally after the results are announced or face potential extinction.
Historically, US election results are often declared within hours of the polls closing, creating a whirlwind of anticipation and speculation among voters and candidates alike. Here’s a thorough analysis of the current conditions of MAGA (TRUMP), Kamala Horris (KAMA), and Donald Tremp (TREMP).
MAGA (TRUMP)
MAGA is the top Donald-Trump-themed PoliFi coin with the highest market capitalization. A few months back, TRUMP’s market cap surpassed $100 million, and the former president’s election odds soared amid concerning reports about Joe Biden’s health.
But after the Democratic party elevated Kamala Harris to candidate status, TRUMP’s price fell. At press time, the meme coin’s price is $3.36, which is an 80% decline from its all-time high. Going into the US election day, the cryptocurrency’s value has decreased by 26%.
From a technical perspective, the Relative Strength Index (RSI) has dropped below the 50.00 neutral point. This decline indicates that the momentum around MAGA is bearish. If sustained, the price might continue to decrease, possibly hitting $2.61.
Read more: How to Use Polymarket In The United States: Step-by-Step Guide
However, if Donald Trump comes out victorious, the trend might change. In that scenario, the meme coin’s value might soar as high as $5.69. But if the former president does not win, then MAGA’s price might sink to an all-time low.
Kamala Horris (KAMA)
Over the last seven days, this Kamala Harris-themed meme coin has increased by 62%. This notable hike could be linked to the US Vice President closing in on Trump in the polls within the last few days.
However, the last 24 hours have not brought the same performance as KAMA’s price, which has decreased by 3.60%. On the 4-hour chart, the Moving Average Convergence Divergence (MACD) has dropped to the negative region, indicating bearish momentum.
Further, the 12-day Exponential Moving Average (EMA), in blue, has crossed below the 26 EMA (orange), which indicates that sellers are in control. If this trend continues, KAMA’s price might drop to $0.0098.
On the flip side, if buying pressure increases or Kamala Harris wins, the trend might change. If that happens, then KAMA could bounce to $0.018.
Donald Tremp (TREMP)
Unlike KAMA and TRUMP, Donald Tremp is part of the few PoltiFi coins with a notable surge on US election day. Since Sunday, November 3, TREMP’s price has increased by 20.22%.
Currently trading at $0.32, the Balance of Power (BoP) reveals that bulls are driving the meme coin’s price up. The BoP measures the strength of buyers compared to sellers. When the reading decreases, bears (sellers) have the upper hand.
But in this case, the reading has increased, meaning TREMP is experiencing a massive surge in buying pressure. If this trend continues, the meme coin’s price might climb to $0.46.
Read more: 11 Top Solana Meme Coins to Watch in November 2024
Meanwhile, if the election results come out and Trump loses to Harris, the prediction might be invalidated. In that scenario, the price might decline to $0.20.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Cardano (ADA) Price Hits 41% Weekly Growth, $1 Target in Sight
Cardano (ADA) price has surged 41.89% in the last seven days, signaling strong bullish momentum in the market. The uptrend remains strong, supported by key technical indicators like the ADX and Ichimoku Cloud, which point to sustained positive sentiment.
However, signs of consolidation and narrowing gaps in short-term indicators suggest that the rally could face challenges if buying pressure weakens.
ADA Current Uptrend Is Still Strong
Cardano DMI chart shows an ADX of 42.7, indicating a strong trend. The metric has remained above 40 since November 7. This high ADX value confirms the robustness of ADA ongoing uptrend, signaling solid momentum behind the recent price movements.
With the positive directional index (D+) at 21.3 and the negative directional index (D-) at 11, bullish pressure continues to outweigh bearish activity, further supporting the upward trajectory.
The ADX measures the strength of a trend without considering its direction. Values above 25 indicate a strong trend, while those below 20 suggest a weak or nonexistent trend. With an ADX at 42.7, ADA is clearly in a strong uptrend, showing significant market confidence.
The gap between D+ and D- reinforces the bullish dominance, suggesting that ADA price could sustain its upward movement if current conditions persist.
Cardano Ichimoku Cloud Shows An Important Signal
The Ichimoku Cloud chart for Cardano indicates a generally bullish trend, as the price remains above the cloud (Kumo). The Tenkan-sen (blue line) and Kijun-sen (red line) are relatively flat, showing signs of consolidation after ADA’s recent rally.
While the price is still trading above these lines, the narrowing gap between the price and the Tenkan-sen suggests weakening short-term momentum.
The green cloud ahead signals potential support for ADA uptrend, but the current consolidation phase highlights the need for sustained buying pressure to maintain this momentum.
If the price drops below the Kijun-sen or approaches the cloud, it could signal a possible shift toward bearish sentiment.
ADA Price Prediction: Can It Reach $1 In November?
If Cardano (ADA) maintains its strong uptrend, it could test the resistance at $0.85. Breaking this level could pave the way for further gains, with the potential to reach the $1 threshold, marking a 20% rise from current levels and the highest price for Cardano since April 2022.
However, as indicated by the Ichimoku Cloud, a potential reversal could be on the horizon. If bearish momentum takes over, ADA price could face significant downward pressure, potentially dropping to $0.51.
If this support fails, the price could decline further to $0.32, representing a steep 59% correction. This highlights the importance of the current support and resistance levels in determining ADA’s next direction.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Why SUI Network Outage Did Not Cause a Price Crash
Earlier today, the Layer-1 blockchain Sui experienced a two-hour blackout, halting block production and rendering transaction processing impossible. This network outage led to a slight dip in SUI’s price, falling from $3.73 to $3.64.
Despite concerns of a more significant decline, the price stabilized after the project announced that the network was fully restored and operational.
Sui Comes Back Online, Altcoin Still in Good Position
Around 10:52 UTC, web3 security firm ExVull disclosed that a DOS bug caused the Sui network outage. Fully known as a Denial-of-Service (DoS) attack, the bug” refers to a software attack that overwhelms a system with excessive traffic or requests, causing it to become unavailable to legitimate users by crashing or severely slowing its functionality.
“After our analysis, it was found that the Sui Network node occur DOS due to integer overflow,” ExVul stated.
Following this development, several exchanges halted SUI transactions as the price also dipped a little. However, nearly two hours later, the project updated its community, saying that validators had assisted in resolving the issue.
“The Sui network is back up and processing transactions again, thanks to swift work from the incredible community of Sui validators. The 2-hour downtime was caused by a bug in transaction scheduling logic that caused validators to crash, which has now been resolved,” it explained.
Meanwhile, data from Messari showed that, amid the outage, the Sharpe ratio remained positive. The Sharpe ratio is a key measure of risk-adjusted return, indicating how much excess return an investment generates relative to its volatility.
It helps investors assess whether the returns of a riskier asset justify the risk taken. A higher ratio signifies better risk-adjusted performance. Typically, when the ratio is negative, it means that the risk might not be worth the reward.
However, since it is positive for SUI, it indicates that accumulating the altcoin around its current value could still yield positive returns.
SUI Price Prediction: Run Above $4
On the daily chart, SUI continues to trade within an ascending channel. An ascending channel, also called a rising channel or channel up, is a chart pattern defined by two parallel upward-sloping lines.
It forms when the price shows higher swing highs and higher swing lows, indicating an ongoing uptrend. Furthermore, the Chaikin Money Flow (CMF) has increased, suggesting that buying pressure has outpaced distribution.
If this continues, SUI’s price could climb above $4. However, if a Sui network outage occurs again, this might not happen. In that scenario, the value could drop below $3.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Aptos Partners with Circle and Stripe to Revitalize Network
The Aptos Foundation announced a new partnership with Circle and Stripe, hoping to revolutionize its network functionality. Circle’s CCTP and USDC stablecoin will enhance blockchain interoperability, while Stripe will attract TradFi by simplifying fiat interactions.
Aptos has set ambitious goals with this partnership, but APT’s upward momentum has stagnated.
Aptos Partners with Circle and Stripe
According to a new announcement from the Aptos (APT) Foundation, its network is integrating Circle’s USDC stablecoin and Cross-Chain Transfer Protocol (CCTP). Additionally, Aptos is integrating the payment platform Stripe, generally streamlining fiat-related features. These include on- and off-ramps, payment processing, and TradFi ease of adoption.
“Once the integration is complete, users will be able to seamlessly transfer USDC between Aptos and 8 major blockchains. In addition to USDC and CCTP, Stripe will soon launch its payment services on Aptos, creating a reliable fiat on-ramp to streamline merchant pay-ins and payouts using Aptos-compatible wallets,” the firm claimed via press release.
In other words, Aptos aims to use this partnership to make itself “the ultimate hub for interoperable DeFi.” These companies will approach this goal from both ends: enticing new users and investors while substantially improving the core experience. This partnership marks a new development for Stripe’s integration with crypto.
Indeed, Stripe took a six-year hiatus from cryptocurrency payments, which only ended this April. Since then, however, it’s been engaging seriously with the industry. The firm entered an earlier partnership with Circle this June, hoping to promote USDC adoption. Additionally, Stripe acquired Bridge, a crypto payment platform, last month.
For its part, Aptos is undertaking a recovery process. Despite a major price spike in March, it suffered a lingering decline for most of 2024. The asset began regaining steam in October, and the November bull market has brought increased optimism. Still, its gains have stagnated for about a week.
This partnership between Aptos, Circle, and Stripe may help APT regain its forward momentum. These ambitious new features will greatly add functionality and accessibility to Aptos’ network. Still, the firm has set a very ambitious goal for itself: to solidify “its place as a leader in interoperable DeFi and enterprise-grade blockchain technology.” Only time can tell its success level.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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