Will It Be Right To Expect Further Lower Levels In MAGIC Crypto?

• The inflation rate of the MAGIC crypto is very high.
• The price of the Treasure token has advanced by 433% from its all-time low price.

Magic (MAGIC) is an ERC-20 token operating on Ethereum, facilitating transactions within its ecosystem. The broader Magic project aims to transform digital asset management and exchanges through decentralized solutions. 

MAGIC tokens are used for fees, exclusive services, governance, and trading. Founded by John Patten, Karel Vuong, and Gaarp.

The market cap of the Treasure crypto has advanced by 1.8%, while the traded volume of the crypto has witnessed a decline of 37% in the last 24 hours. The value of the crypto’s market cap is $254.791M.

As per CoinMarketCap, the market cap ranking of the Treasure token is #270, and the value of the traded volume for the crypto is $43.103M, which further results in a volume/market cap ratio of 16.93%. 

MAGIC crypto price is highly volatile, resulting in a volatility of 10.77%, and the market cap dominance of the crypto is 0.01%. The current circulating supply of the crypto is 262.219M MAGIC, and the total supply of the crypto is 347.714M MAGIC. 

The total and maximum supplies of the MAGIC crypto are the same. The Onchain market cap of the crypto is $340.16M, and the circulating supply market cap of the crypto is $256.726M. There are a total of 4.5K holders for the MAGIC token.

The total value locked for the crypto is null, and the staked value of the crypto is $4.78M, which is 1.85% of the market cap. Also, the liquidity of the crypto is $17.53M, and the treasury of the token is worth $13.32M.

Treasure Crypto Derivatives Analysis

As per the chart of the Coinglass, the long liquidation for the crypto has been consistently higher over many days, indicating the dominance of sellers. 

Over the last 24 hours, the crypto has witnessed a long liquidation of $158.9K, against which the short liquidation for the crypto is worth $302K. It is further followed by a decline of 44.5% in the trading volume of the crypto. 

Social Dominance Vs Twitter Followers

The social dominance of the Treasure crypto has been advancing for the last few days, followed by an increase in the number of Twitter followers. It also indicates the engagement of the audience in the crypto community. 

MAGIC Crypto Technical Analysis

With the advancing price of the MAGIC crypto followed by a rising wedge pattern on the daily chart, the price failed to sustain the highs and gave a breakdown below the rising wedge pattern. 

After the decline, the price has further formed equal lows. If the price further decreases to lower levels, it will result in a break of structure to bearish. That might lead the trading price to lower support levels. 

MAGIC/USD Chart by TradingView

The price of the MAGIC crypto has declined below the 50-day and the 200-day EMA while the EMAs are trading in a golden cross. The 20-day and the 50-day EMAs have formed a bearish cross, indicating the start of a downtrend.

The MACD and the signal line are trading in a bearish crossover and have declined below the zero level. The following metrics are trading to significant lows, indicating a strong downtrend in the crypto. 

The RSI further has declined below the 50-level and 14-day SMA. The RSI is currently trading at a level of 36.9, which shows bearish momentum in the price. 

Summary 

Considering the high inflation rate and technical indicators showing a bearish trend, it’s reasonable to anticipate further downside in the MAGIC crypto. Despite engagement on social platforms, technical analysis suggests a potential break of support levels, signaling a bearish outlook for the token’s price trajectory.

Technical Levels: 

• Support levels: $0.5700 and $0.7600
• Resistance levels: $1.2300 and $1.5800

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.