- The Treasure crypto price has risen 18% in the last two days.
- MAGIC crypto’s price is trading over the significant moving average, showcasing the bullish trend.
Treasure (MAGIC) price has been bullish and recorded a multi-day high of $1.57 on March 10, 2024, and bulls are strong. The MAGIC price has been rising by forming higher lows and higher highs and has witnessed slow and steady gains.
The price is continuously facing resistance from the $1.45 mark, and it has reached the same level. Yesterday, the price showed a price rejection and has failed to sustain over the $1.45 mark.
The Treasure crypto price trades at $1.41 at press time with an intraday loss of 1.78%. The market capitalization is $369.95 million, and the 24-hour trading volume is $162.42 million. The circulating supply of Treasure is 260,697,796 MAGIC, and the total supply is 347,714,007 MAGIC. The fully diluted market cap is $496 million.
Technical Analysis of MAGIC Price Over Daily Timeframe
In a daily time frame, the Treasure cryptocurrency’s price has been on an upward trend and rising by taking support on the trendline. Recently, the price has taken support on the 200-day moving average and has risen by 40% in just 6 days.
Currently, the MAGIC token price cannot surpass the $1.45 mark and is struggling between the $1.45 and 20-day moving average. If the Treasure manages to reach the resistance level and sustain itself, it may head toward the $2 mark in the next few weeks.
Alternatively, if the MAGIC crypto price slips below the 20-day moving average, it may melt to the trendline. However, if the price fails to defend the trendline, most investors may prefer to book profit, leading to a bearish trend.
MAGIC Token Price Technical Analysis on a 4-H Timeframe
In a 4-H time frame, the MAGIC token price has faced resistance from the supply zone for the last three times. Currently, it is declining from the supply zone. The previous candlestick has defended the 20-day moving average, but the current candlestick is heading toward the 20-day moving average.
If the price slips below the 200-day moving average, the seller may be interested, and the crypto’s price may decline further. Suppose the MAGIC token price bounces back and surpasses the resistance level, the buyers may participate and lift the price toward the $2 mark.
Conclusion
Based on the technical analysis of the MAGIC token price, the bulls are looking to break through the resistance level at $1.45. If they succeed in doing so and sustain above it, the price may head towards the $2 mark in the coming weeks. However, if the price fails to defend the trendline and slips below the 20-day moving average, it may lead to a bearish trend.
Technical Levels
Resistance: $1.45 & $1.60
Support: $1.20 & $0.96
Disclaimer
This article is for informational purposes only and provides no 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.