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Magic Price Considers A 350% Move As $33 Million In Trading Volume Comes In

12/18/2022
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Magic (MAGIC) price is among the few cryptocurrencies in the green on Monday following widespread declines in the crypto market during the weekend. Bitcoin price continued with Friday’s correction and is trading at $16,704 at the time of writing. The largest smart contacts token, Ethereum (ETH), is slightly in the red while exchanging hands at $1,182.

Due to overarching losses witnessed throughout the weekend, the market is a sea of murky red waters. Meanwhile, Magic price is up more than 8% and doddering at $0.66. According to price data by CoinMarketCap, trading volume across all exchanges shot up by 144% to hold at $33 million in 24 hours. Magic is the 142nd largest cryptocurrency, boasting $138 million in market capitalization.

Magic Price Is on The Cusp of a Double-bottom Breakout

Over the last week, Magic price has performed exceptionally well compared to its peers in the market. Its impressive performance commenced in the first week of November after firmly holding onto support at $0.20.

Since then, MAGIC has recouped around 236% of its value and hit a six-month high at $1.00. MAGIC’s listing on Binance, the largest exchange by daily traded volume, likely boosted its performance.

Binance announced on December 12 that the token was being

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listed in the Innovation Zone, where it was going to trade in three spot pairs, including MAGIC/BTC, MAGIC/BUSD and MAGI/USDT.

The token that powers Treasure DAO, a decentralized metaverse platform, first obliterated resistance at the lowest falling trend line, as shown on the chart below. With the first hurdle out the way, a confident bullish camp pushed MAGIC above the 50-day Exponential Moving Average (EMA) (in red); a move that cleared the path for the next resistance provided by the 100-day EMA (in blue) and the middle falling trend line.

Magic price did not waver even as crypto markets struggled to sustain last week’s bullish momentum due to better-than-expected inflation figures. As expected, the US Federal Reserve also hiked interest rates by 0.5%, acknowledging that inflation was gradually coming down.

MAGIC/USD daily chart
MAGIC/USD daily chart

Despite the positive outlook in Magic price, bulls couldn’t push past resistance at $0.854, as highlighted by the 200-day EMA (in purple). For this reason, MAGIC retreated to collect more liquidity before the resumption of its uptrend.

Is Magic Ready for A 350% Bullish Move?

Magic price tested a crucial resistance at $0.854, representing the neckline of a double-bottom pattern. This is a trend reversal formation that culminates in a bullish breakout. It develops after an extended downtrend and is characterized by two valleys (bottoms), as seen on the chart above.

A rebound from the second bottom infers that selling pressure is fading, and a trend reversal is about to occur. A double-bottom pattern remains undetermined until the price moves past the neckline resistance.

Long positions can be entered slightly above the neckline hurdle. The take-profit target might be $4.00 – a distance equal to the pattern’s height extrapolated above the breakout point.

Based on the above analysis, Magic price could extend the rally. A break above the immediate falling trend line and the neckline resistance would signal the token’s readiness to deal with the selling pressure at $1.70 and $2.50, respectively.

Key Fundamentals Behind Magic Price Rally

The consistent buying pressure behind magic pressure could have stemmed from improving investor sentiment. On-chain data by Santiment shows a massive spike in the exchange outflow metric since the beginning of December.

Magic Exchange Outflow
Magic Exchange Outflow

Overhead pressure tends to fade as holders withdraw their assets from exchanges to other custody services. Two things stand out from this on-chain tool; investors are confident in MAGIC’s uptrend and are willing to hold longer. Magic price can hold the uptrend intact if sentiment stays positive ahead of the New Year.

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Source: https://insidebitcoins.com/news/magic-price-considers-a-350-move-as-33-million-in-trading-volume-comes-in