MAGIC looks poised for 25% upside

MAGIC looks poised for 25% upside
  • MAGIC price has jumped 35% in the past week and was up 7% on the day.
  • The token is live on Upbit Global, a crypto exchange based in South Korea.
  • Gaming projects on Treasure use MAGIC.

The price of Magic (MAGIC) exploded ahead of the token’s listing on major cryptocurrency exchange Upbit Global on Tuesday.

MAGIC is the native token of Treasure, the decentralised gaming ecosystem that connects games and gamers. Treasure also connects the gaming community via non-fungible tokens (NFTs). Projects use MAGIC, and the latest listing could be a big factor in price movement over coming days.

Magic tokens are available on multiple top crypto exchanges, including Coinbase, Binance, Gate.io and now Upbit makes it even more accessible to one of the largest blockchain gaming markets in the world.

MAGIC price analysis: MAGIC could pump 25% to $2.33

MAGIC was trading in the green on the day as most altcoins struggled amid liquidity rotation into a rolling Bitcoin market that had BTC trending above $28,000 for the third day after breaking its macro downtrend.

As for Magic price, it traded at 0.00006594 BTC at around 8:00 am ET on 21 March, up nearly 1.2% a few hours after the token listed on the South Korea based crypto exchange with the BTC/MAGIC pair.

Against the US dollar, MAGIC was changing hands around $1.87 and was up 7% and 35% in the past 24 hours and 7 days respectively. The gains follow an upside momentum buoyed by the hype around Arbitrum (ARB).

 

MAGIC price movement on Binance. Source: TradingView

 

From a technical point of view, MAGIC price has stayed above the 20 day exponential moving average since breaking above its resistance on 14 March. However, bulls have twice failed to break the immediate barrier at $1.96, making the resistance level at $2.00 the main target in the short term.

If bulls successfully breach the supply wall at this level, they could confront the hurdle expected around $2.15 – the point of major rejection on 7 February that saw MAGIC eventually retest lows of $0.99 on 11 March 2023.

An upside continuation, which is supported by the rising Relative Strength Index (RSI) indicator currently above 60, and a positive Awesome Oscillator, Magic could see a 25% upswing to its year-to-date peak at $2.33.  

On the downside, a negative flip from current levels could prices retreat to the immediate horizontal support line near $1.72. The 20-day EMA line at $1.56 could provide the next buffer zone for bulls.

 

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