The blockchain industry benefits greatly from decentralization and the platforms that it supports. Even though decentralization is not a new concept in the crypto world, it continues to evolve and transform the landscape.
Some established platforms are experiencing rebranding to enhance their functionality and appeal as they connect with metaverse projects.
An example of such a platform is Treasure (MAGIC/USDT) which aims to assist developers and creators in realizing their metaverse projects and promoting real-life applicability. Along with the utility of this platform, its native token, is MAGIC.
How Does Treasure Operate?
The ecosystem of Treasure operates on Arbitrum, a Layer 2 Ethereum scaling solution. The decentralized marketplace, Trove, utilizes MAGIC to buy and sell NFTs and connects existing and upcoming metaverses.
At present, several projects are running on the platform, with a few others in active development. LIFE, Smolverse, and others are projects currently on the platform.
Despite being active for only 1 and a half years, Treasure has identified growth opportunities that led to its rebranding. It has maintained its supporting infrastructure status for several metaverse projects while strengthening its brand identity. Its builders and collaborators are still creating and developing their projects.
Treasure’s primary objective since its inception has been to link and support communities, builders, and games in the web3 space. It aims to revolutionize game development through decentralization by promoting grassroots building and community ownership.
To achieve this goal, the platform uses its native token, MAGIC, to enhance its economy and gaming ecosystem while connecting its supported projects.
The treasure ecosystem has three layers- cartridges, middle and infrastructure. It supports the development of new metaverse projects and games built by creators using MAGIC. The ecosystem aims to expand the web3 space by introducing more people to it through supported games and Treasure NFTs.
Technical Analysis and MAGIC Token Price Prediction
The MAGIC token price has been on the rise since mid-October; it hit $0.9644 by the end of last year. The resistance level for the MAGIC price is at $0.8323, while the immediate support level is at $0.8323. If the bullish investors can overcome the current resistance, their next target could be $1.207.
Although the bulls have been trying to regain support from the immediate level, recent trading sessions have indicated a weak trend. This bearish trend is confirmed by the RSI level, which has decreased from 64 to 45. The recent falling trend was due to all the noise regarding bitcoin ETF approval.
This suggests that the bulls’ hold on the current support level is weakening as they are now at the 50-Day EMA which is at $0..9434. However, as long as the current support remains intact, the price prediction for the MAGIC token remains bullish.
Conclusion
Treasure operates on Arbitrum, a Layer 2 Ethereum scaling solution. It aims to revolutionize game development through decentralization. The current support level is weakening, but if it remains intact, the price prediction for the MAGIC token remains bullish.
Technical Levels
- Support Levels: $0.8323 and $0.6548
- Resistance Levels: $0.1.21 and $1.5843
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
Source: https://www.thecoinrepublic.com/2024/01/09/magic-price-analysis-the-uptrend-continues-in-the-token/