MAGA is painting a classic bullish reversal pattern right ahead of Donald Trump's keynote at the upcoming Bitcoin 2024 conference in Nashville.
MAGA (TRUMP), the leading Donald Trump-themed memecoin by market capitalization, has wiped out all the gains it made following the assassination attempt on the former United States president on July 13. Despite this setback, technicals show potential for a significant rebound, particularly with Trump's upcoming fundraiser at the Bitcoin conference in Nashville on July 27.
On July 19, MAGA dropped by 7.20% to $6.21, almost the same price before the rally that preceded the Trump shooting a week ago. The drop to pre-rally levels could indicate that the market's reaction to the event was temporary and speculative rather than based on any fundamental changes.
However, MAGA's recent pump-and-dump appears to be part of an inverse head-and-shoulders (IH&S) pattern. This technical setup is characterized by forming three troughs—with the middle one (head) deeper than the other two (shoulders)—atop a common neckline resistance.
