Donald Trump, the president-elect of the United States, is set to take office on January 20. Before D-Day, the crypto market has been showing signs of anticipation, particularly among the meme coins associated with Trump.
BeInCrypto has analyzed three of the biggest Trump meme coins, which investors should watch
MAGA (TRUMP)
Meme coin MAGA, trading as TRUMP, has gained significant attention but has not been the best performer recently. After early strong gains, TRUMP has spent the past week in red, reflecting its volatile nature in the crypto market.
Year-to-date, TRUMP has surged by 84%, although it experienced a 16% crash in the last 24 hours. If bullish momentum grows closer to the inauguration, the meme coin could rise above $3.15, potentially targeting $4.44 and regaining investor confidence.
MAGA Price Analysis. Source: TradingView
However, if bullish sentiment does not materialize, TRUMP may face further declines. A drop to $1.84 is possible as investors look to cash out, especially with the hype expected to diminish following the inauguration event.
Trog (TROG)
TROG, an emerging Trump meme coin, has captured attention with a staggering 169% rally over the past week. However, it recently experienced a 20% drop in the last 24 hours, showcasing its inherent volatility in the meme coin market.
Currently, TROG is holding above the support level of $0.00004464. If this level remains intact, the meme coin could bounce back to $0.00007406, regaining its upward momentum. Such a recovery would reinforce bullish sentiment and continue the gains seen earlier in the week.
TROG Price Analysis. Source: TradingView
Conversely, losing the critical support of $0.00004464 could push TROG into a significant decline. A drop to $0.00001669 would invalidate the bullish outlook, potentially erasing recent gains and dampening investor enthusiasm for the cryptocurrency.
Department Of Government Efficiency (DOGE)
DOGE, a Trump-associated meme coin, has gained attention due to its ties to Elon Musk, who is co-heading the Department of Government Efficiency, from which the coin derives its name. This unique connection makes DOGE a key meme coin to watch.
The meme coin holds strong potential for gains if it can reclaim the critical support of $0.161. Doing so could push DOGE to $0.229, and a breach of this resistance might lead to further growth, potentially driving the price to $0.312 and delivering notable returns for investors.
DOGE Price Analysis. Source: TradingView
However, if the hype surrounding DOGE fades earlier than expected, the crypto may face a decline. In such a case, the meme coin could test the support at $0.094, erasing recent gains and invalidating the current bullish outlook.
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