Why PolitiFi coins are decreasing
Leading political finance (PolitiFi) coins bucked the broader market trend and showed a decline in price over the past 24 hours. ConstitutionDAO (PEOPLE) and Maga (MAGA) have seen their values fall despite overall market stability.
These moves add uncertainty to the performance of these politically-related tokens as the US election day, set for November 5, approaches.
ConstitutionDAO loss of steam
PEOPLE is currently trading at $0.08, down 2% in the last 24 hours. During this period, the transaction volume increased by 17 percent. A drop in prices coupled with an increase in trading volume suggests that more traders are under pressure to sell the asset.
People's negative cash flows support this pessimistic bias. In this article, it is -0.01 and a downward trend.
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When both value and CMF are reduced, the bearing capacity is strengthened. Falling prices indicate weakness, and the negative CMF confirms that traders are not stockpiling the asset, further reinforcing the downward momentum.
If the downtrend continues, the price of PEOPLE could fall by 26%, to $0.06. If the bulls fail to defend this support level, a further decline to $0.05 could occur.
The demand for MAGA is fading
MAGA is another leading PolitiFi coin that has dropped in value over the past 24 hours. MemCoin is currently trading at $0.00014, showing a 10% price drop during the review period. The technical structure reviewed on the 12-hour chart confirms the bearish stock.
For example, readings from the moving average convergence/divergence (MACD) indicator show the MACD line (blue) below the signal line (orange). This indicator tracks the speed of the trend. When set up this way, it shows the rate of wear and tear.
Additionally, the MAGA Elder-Ray index fell below zero, sitting at -0.000027. This indicator evaluates the strength of buyers and sellers, a negative value indicates that sellers are currently strong, which indicates a bearish market sentiment. If this trend continues, the value of MAGA may decrease by 57%, which may reach $0.000061.
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However, if the altcoin witnesses a resurgence in demand, MAGA's price may rise again and rise to $0.0031, undermining the bearish forecast.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policies and disclaimers have been updated.
