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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.
With $200M+ in trading volume (and counting!) since listing on @Binance less than 24 hours ago, we’d like to thank @flowdesk_co for all of their help.
The journey to onboard the next wave of gamers to $MAGIC and the Treasure ecosystem has only just begun! ✨ pic.twitter.com/DC9nUawN96
— Treasure (@Treasure_DAO) December 12, 2022
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.
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.
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.
Presale Tokens with Solid Fundamentals to Rally
Magic price rally comes at a time when price action across the crypto market is stifled due to external forces such as inflation, economic recession and the FTX contagion. Therefore, investors may be interested in new crypto tokens with strong fundamentals to return above-average gains following the listing on exchanges.
FightOut (FGHT)
As the world’s population becomes more health conscious, there is a need to incentivize the fitness lifestyle. Hence, FightOut is Move-to-Earn (M2M) fitness app and gym chain created to gamify the fitness lifestyle. Users on the platform are rewarded for completing workouts and challenges. They also earn badges and get to grow within a vibrant ecosystem.
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The #FightOut #MoveToEarn platform makes it easy for non-crypto native users to use the app and get rewarded!
Don’t sleep on this one! 🔥https://t.co/7LjxoEBli3! pic.twitter.com/bsbNyHhlqV
— FightOut (@FightOut_) December 18, 2022
FightOut’s presale is currently selling 60 FGHT tokens for $1. Although there are no short-term plans to hike the token price, the team may increase the price in the later stages of the presale.
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Dash 2 Trade (D2T)
The cryptocurrency market is dynamic, but with a platform like Dash 2 Trade, investors are guaranteed access to timely trading signals that offer the best buy and sell opportunities. On the same platform, traders can build strategies, back-test them, and share them with others through the available social trading tools.
Dash 2 Trade lets investors participate in crypto presales and get firsthand information on the market’s listing announcements. D2T is an ERC-20 token enabling all in-house transactions, including access to premium services offered on Dash 2 Trade.
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After the presale is over, $D2T will be listed at:
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✅ @ChangellyProGet in before the presale ends – buy $D2T now ⬇️https://t.co/ExvBBjt7vw pic.twitter.com/vK70So611v
— Dash 2 Trade (@dash2_trade) December 18, 2022
D2 T’s presale has raised $10 million since it started and is expected to top it up to $13 million before its first listing on January 11.
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