MAGIC In the Middle of a Strong Bull Run
#crypto trading tips#Bull market#support and resistance+2 more tags

MAGIC In the Middle of a Strong Bull Run

MAGIC is currently experiencing one of the strongest bull runs in the whole market; let's see why!

What is MAGIC? MAGIC is a utility token used as a cross-game currency to connect gaming communities in the Treasure Metaverse, a decentralized NFT ecosystem on Ethereum's Layer 2 scaling solution.

It was launched in September 2021 and serves as a reserve currency for the metaverse. Players can earn MAGIC tokens through gaming, mining, and participating in Treasure's games, including Bridgeworld, Beacon, and Realm.

MAGIC's Crash and Recovery

Unfortunately, like many other cryptocurrencies, MAGIC had a terrible year in 2022. It lost almost 97% of its value, which was one of the worst declines in the industry.

However, after the November crash induced by the collapse of FTX, MAGIC's price began to turn around and slowly started a bull run.

From November 2022 until the 17th of February 2023, the token gained over 1,000%, which is one of the biggest rallies seen for a top 100 market cap coin. Despite this rally, the coin is still 65% below its all-time high, which was reached in February 2022.

MAGIC Respects Its Support and Resistance Levels

One interesting feature of MAGIC is that it is one of the few altcoins that actually respects its support and resistance levels.

Most altcoins go right through their previously established zones. However, MAGIC is different in this regard and is more likely to bounce off of them. This means that technical analysis can be more reliable when trading this cryptocurrency.

MAGIC TradingView
MAGIC TradingView

MAGIC's Current Price Action

MAGIC has recently bounced off of the $1.00 support and is currently heading toward its current resistance at $2.25. If the price breaks above this level, it will probably head towards the next resistance at $3.50.

Bottom Line: While MAGIC experienced a terrible year in 2022, it has since shown signs of recovery and is currently in the midst of a significant bull run. Its unique feature of respecting its support and resistance levels may make it an interesting choice for technical traders.

Inbox Image


Get the weekly email with exclusive crypto analyses and news worth reading. Stay informed and entertained, for free.

Related Articles

Bot Trading 101 | How To Apply a Scalping Strategy
#Automated trading strategy#Strategy designer#EMA+3 more tags

Bot Trading 101 | How To Apply a Scalping Strategy

Cryptocurrencies | BTC vs. USDT As Quote Currency
#Bitcoin#crypto trading#crypto trading tips+2 more tags

Cryptocurrencies | BTC vs. USDT As Quote Currency

Technical Analysis 101 | What Are the 4 Types of Indicators?

Technical Analysis 101 | What Are the 4 Types of Indicators?

Bot Trading 101 | The 9 Best Trading Bot Tips of 2023
#crypto trading#trading bot#crypto trading tips+2 more tags

Bot Trading 101 | The 9 Best Trading Bot Tips of 2023

Start trading with Cryptohopper for free!

Free to use - no credit card required

Let's get started
Cryptohopper appCryptohopper app

Disclaimer: Cryptohopper is not a regulated entity. Cryptocurrency bot trading involves substantial risks, and past performance is not indicative of future results. The profits shown in product screenshots are for illustrative purposes and may be exaggerated. Only engage in bot trading if you possess sufficient knowledge or seek guidance from a qualified financial advisor. Under no circumstances shall Cryptohopper accept any liability to any person or entity for (a) any loss or damage, in whole or in part, caused by, arising out of, or in connection with transactions involving our software or (b) any direct, indirect, special, consequential, or incidental damages. Please note that the content available on the Cryptohopper social trading platform is generated by members of the Cryptohopper community and does not constitute advice or recommendations from Cryptohopper or on its behalf. Profits shown on the Markteplace are not indicative of future results. By using Cryptohopper's services, you acknowledge and accept the inherent risks involved in cryptocurrency trading and agree to hold Cryptohopper harmless from any liabilities or losses incurred. It is essential to review and understand our Terms of Service and Risk Disclosure Policy before using our software or engaging in any trading activities. Please consult legal and financial professionals for personalized advice based on your specific circumstances.

©2017 - 2024 Copyright by Cryptohopper™ - All rights reserved.