The widely publicized first US Elections debate featuring party leaders; the President of the United States Joe Biden and Donald Trump, failed to move the crypto market. Politifi cryptos like MAGA (TRUMP) and Joe Boden (BODEN) ended up crashing in double-digits casting doubt on the potential of the fast-growing sector.

Biden, Trump Skip Crypto In US Elections Debate

The lack of mention of crypto in the 90-minute debate has spurred concerns among digital asset holders and stakeholders, considering crypto lobbyists’ efforts to raise millions of dollars for the campaigns.

An analysis of the debate held on July 27 revealed that candidates preferred to focus on economic plans, the highly contested immigration policy, and abortion rights.

It is alarming that despite crypto lobbyists and industry stakeholders rallying behind the campaigns, raising over $200 million and a staggering $93 million going into strategic activities to influence the elections, the space did not get even a single mention.

Trump has recently turned his eyes to crypto, vowing to support the adoption of cryptocurrencies in the US if elected. The former President held a meeting with Bitcoin miners, saying that he wants BTC to be “made in America.”

Similarly, some crypto figures like Dave Ripley, the CEO of Kraken, believe that the Biden administration has been “softening up” to the crypto industry.

However, some people are not convinced the government is doing enough. Renowned crypto advocate Mark Cuban recently argued that the Chair of the Securities and Exchange Commission (SEC), Gary Gensler will “cost Joe Biden the election.” Many have accused the agency of regulation by enforcement leading to hefty fines and lawsuits.

Despite crypto lobbyists and backers doing more to influence and support US Elections, polls show that the American voter is not concerned about cryptocurrency. Americans have their eyes on inflation which has seen the cost of goods and services remain high, the economy in general, the immigration policy, and poor governance. The second and last US Election debate is scheduled for September 10.

MAGA (TRUMP)

MAGA faced major sell-off headwinds after the US Election debate, crashing from $10 to support at $7. Based on the four-hour chart bulls are attempting recovery but a bearish rectangle pattern could limit their efforts and possibly accentuate the decline.

MAGA price chart | Tradingview

The most immediate resistance level has been presented by a confluence formed by the 20-day EMA and the 50-day EMA. Should bulls have their way above this level, the 200-day EMA coinciding with the rectangle resistance will be another test.

Due to a bullish and bearish fractal within the rectangle’s support and resistance, there’s a high chance MAGA will drop to $7.2 before attempting a stronger breakout above $10.

Jeo Boden (BODEN)

Jeo Boden suffered the biggest brunt of the debate’s aftermath. CoinGecko data shows a 45% dip in 24 hours and a cumulative 92% correction from an all-time high of $1.04. BODEN hovered at $0.076 at the time of writing.

BODEN price chart | Tradingview

The Politifi crypto broke the last line of defense at $0.08 amidst a bearish campaign to push it to $0.04. It is not known how far this correction will go, especially with the second debate expected in September. For now, traders can monitor the chart for further correction and possibly continue to short BODEN over the weekend.

The post TRUMP, BODEN Bleed After US Elections Debate, Triggering Politifi Crypto Sell-Off appeared first on CoinGape.

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Filed under: News - @ June 28, 2024 1:24 pm