Trump's rising election odds sink Harris meme coin by 28%
The Kamala Horris (CRYPTO:KAMA) meme coin has dropped 28% over the past week, reflecting a shift in betting odds favoring former President Donald Trump in the upcoming U.S. election.
As of now, Trump’s election odds on the decentralized platform Polymarket stand at 59.7%, significantly ahead of Vice President Kamala Harris, who trails at 40.2%.
KAMA, which was priced at $0.0087 last week, is currently trading at $0.006, showing a consistent downward trend.
Analysts suggest the declining value may be linked to the surge in Trump's popularity, as he continues to gain traction among potential voters.
His repeated support for the cryptocurrency sector, along with the launch of a token, appears to resonate with the crypto community.
Harris, on the other hand, has only recently shown signs of softening her stance on digital assets.
The bearish outlook for KAMA is further emphasized by technical indicators.
The Bull Bear Power (BBP) indicator on the KAMA/USDT 4-hour chart reveals that sellers (bears) are dominating, pushing the price downward.
Additionally, the coin’s value is currently below key Exponential Moving Averages (EMA), with both the 20 EMA and 50 EMA positioned above it.
This alignment suggests a bearish trend could persist.
Trading volume for KAMA has also decreased, indicating strong selling pressure.
If the current trend continues, KAMA could fall to $0.0051.
However, should Harris' odds improve, there might be a chance for the coin to rebound towards $0.0073.
With the U.S. election nearing, the correlation between political developments and the performance of related meme coins has become increasingly evident.
At the time of writing, the Kamala Horris (KAMA) price was $0.00635.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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