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Magic Eden Ignites Over 11%, But Is It Built to Last?
Recent recovery attempts have failed due to dominant bearish pressure. The crypto market cap has reached $2.57 trillion, with assets still trading under fear. Meanwhile, Magic Eden (ME) defied the trend, surging by over 11.16%.
The asset traded at around a low of $0.8585. The rise of the bulls sent the price to a high of $1.01. The asset has tested and broken the crucial resistance zones to shift the momentum into bullish
At the time of writing, Magic Eden traded within the $0.9612 range, with its market cap reaching $128 million. Notably, the asset’s daily trading volume has surged by over 313% to $75.17 million
Magic Eden’s price action of the past week and month is moderate. The bull bear feud lagged the momentum. Gradually, the asset managed to climb and trade at the current level
Will Magic Eden Sustain Its Uptrend?
The active bullish momentum of Magic Eden could push the price toward $1. The formed golden cross triggers the asset to ignite a sturdy rally, mounting up to the $1.58 level
On the downside, the awakened bears might trigger the price to drop to the $0.95 range. A deeper downside correction could pull back the Magic Eden price toward $0.8013 or even lower
In addition, the Bull-Bear Power (BBP) reading of 0.144 signals a modest presence of bulls in the market. Magic Eden’s daily relative strength index (RSI) at 68.06 infers it is approaching the overbought territory.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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