Magic Eden Price Falls 62% As Best Wallet Closes On $4 Million

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The Magic Eden price has plummeted 62% in the past week and 15% in the last 24 hours to trade at $4.26 as of 7:05 a.m. EST on a 20% drop in trading volume to $965 million.

Magic Eden Price: Bulls Gear Up For A Potential Rally

The Magic Eden price is consolidating around the $4.20 level, indicating a support zone that has been tested multiple times. This could suggest demand.

This support level is important for the price action, as a failure to hold could lead to a decline. On the upside, the 50-period Simple Moving Average (SMA) on the 15-minute chart, currently at $4.251, acts as short-term resistance, while the 200-period SMA at $4.827 represents a more significant resistance level.

Magic Eden price

MEUSDT Analysis Source: Tradingview

A breakout above the consolidation zone could trigger an upward movement, with the next target around $4.40 and further resistance potentially at $4.60. The Relative Strength Index (RSI) is at 50.43, reflecting neutral momentum. The slight upward movement suggests some buying pressure but not enough to confirm a bullish trend.

Magic Eden Price Consolidates Below Key Trendline

The descending trendline from previous highs indicates a bearish channel. Still, the recent flattening suggests the selling pressure is easing, and a potential breakout above the trendline could signal a reversal to the upside.

Looking at the SMAs, the 50-period SMA is below the 200-period SMA, indicating that the broader market sentiment is still bearish. However, if the price moves above the 50-period SMA, it could attract short-term buyers.

For a bullish scenario, a breakout above $4.25 would likely lead to a rally towards $4.40–$4.60. However, this would require confirmation from increasing volume and the RSI rising above 60. On the other hand, if the price fails to hold the support at $4.20, it could fall toward $4.00 or lower, especially if the broader market remains weak.

The chart indicates a potential reversal from the current consolidation, but a breakout above $4.25 is crucial for confirming upward momentum. Monitoring volume and the RSI will be key to gauging the strength of the next price move.

Best Wallet Presale Closes On $4 Million- Best Crypto To Buy Now?

As the Magic Eden price looks to begin its next leg up, many investors are rushing to buy Best Wallet (BEST), which is charging towards $4 million in presale funding.

ClayBro, a popular crypto YouTuber with more than 133K subscribers, predicts that BEST could see at least 10X growth once the project launches.

BEST is the native cryptocurrency of Best Wallet, which is a versatile bitcoin and crypto wallet that supports over 60 blockchains and all of their associated cryptocurrencies.

What makes Best Wallet stand out is its multi-wallet feature, which allows you to connect and manage multiple wallets from a single app, simplifying your crypto management. However, Best Wallet’s real charm lies in its non-custodial nature. You’re the only one who can access your funds, adding a layer of trust and significantly lowering the risk of theft or misuse.

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— Best Wallet (@BestWalletHQ) November 25, 2024

At just $0.023125 as of Dec.13, the token is about to see a price increase in the next couple of days, making now the perfect time to get in on the project before it goes up.

Holding the BEST token comes with various perks, including reduced transfer fees, early access to new projects, higher staking rewards, as well as a say in community governance.

Buy BEST tokens here.

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