Leading political finance (PolitiFi) coins have defied the broader market trend, experiencing price declines in the past 24 hours. ConstitutionDAO (PEOPLE) and Maga (MAGA) saw their values drop despite overall market stability.
These movements come as the US election day, set for November 5, approaches, adding uncertainty to the performance of these politically linked tokens.
ConstitutionDAO Loses Steam
PEOPLE currently trades at $0.08, registering a 2% drop over the past 24 hours. During that period, its trading volume has surged by 17%. A price drop accompanied by rising trading volume suggests that many traders are selling the asset, creating downward pressure.
PEOPLE’s negative Chaikin Money Flow supports this bearish bias. As of this writing, it is at -0.01 and in a downward trend.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
When both price and CMF are declining, the bearish sentiment is strengthened. The falling price shows weakness, and the negative CMF confirms that traders are not accumulating the asset, further reinforcing the downward momentum.
If the downtrend continues, PEOPLE’s price could drop by 26%, reaching $0.06. Should the bulls fail to defend this support level, a further decline to $0.05 may occur.
The Demand for MAGA Grows Weaker
MAGA is another leading PolitiFi coin whose value has plunged over the past 24 hours
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Author: Abiodun Oladokun
