Elon Musk has a way of shaking up the crypto market, and his latest post is no exception. 

The man’s tweets have sent Dogecoin to the moon and back countless times and now, he should have some flyer miles. Now he’s turned his attention to MAGA Coin. The Donald Trump-themed memecoin just surged by 20% after Musk posted a meme format you’ve likely seen many times on reddit. Trading at $7.11, MAGA Coin has seen an impressive 20.22% increase in just over 24 hours.

Elon Musk, the head honcho behind Tesla and SpaceX, took to X to post a meme featuring the slogan "Make America Great Again." While he’s been tight-lipped about his political preferences in the past, Musk's massive donation to a Super PAC supporting Trump has left little doubt about where his loyalties lie.

In fact, during a recent campaign rally in Michigan, Trump himself praised Musk for his support, highlighting that Musk is reportedly pledging a staggering $45 million a month to the Trump campaign. This significant backing has made Musk's support for Trump quite clear.

But there’s more to the story. The MAGA memecoin is hinting at another potential "Trump pump" ahead of the Bitcoin 2024 conference in Nashville on July 27th. And technical patterns suggest a significant rebound could be on the horizon.

That’s because the memecoin is showing signs of forming an inverse head-and-shoulders (IH&S) pattern, a bullish reversal setup.

For those unfamiliar with technical analysis, an inverse head-and-shoulders pattern is a chart formation that predicts a change in the direction of a stock or asset. It's characterized by three peaks: the middle one being the lowest (the head), flanked by two higher ones (the shoulders). This formation is considered a bullish signal, suggesting that the asset is poised for an upward move.

As of now, MAGA has formed the right shoulder of this pattern and is eyeing a rebound towards its neckline resistance at around $9.50. If it breaks above this resistance, the price could rise significantly, potentially targeting $20.30 by the end of July, especially with Trump's keynote at the Bitcoin 2024 conference boosting investor confidence.

Donald Trump's memecoin MAGA has proven to be a wild ride. At the time of this writing, it’s sitting at $7.11, marking a 20.22% increase in just 24 hours. With Elon Musk’s official endorsement and the dems trying to force Biden out, I’d keep a close eye on MAGA coin because who knows what will happen when Trump takes the stage in Nashville.

Stock.News does not have positions in companies mentioned.