- The sentiment of the MAGIC token is bullish as per CoinCodex.
- The Treasure crypto has very low liquidity based on its market cap.
MAGIC is an ERC-20 token operating on Ethereum, central to the Magic platform revolutionizing digital asset management and decentralized exchanges.
It facilitates transactions, pays fees, grants access to exclusive services enables governance participation, and can be traded on exchanges. Founded by John Patten, Karel Vuong, and Gaarp, it aims for seamless, intermediary-free transactions.
The trading volume for the Treasure crypto has witnessed a decline of 19.3% while the market cap has advanced by 2.6% in the last 24 hours. The current market cap ranking of the token is #253 as per CoinMarketCap.
The current market cap value of the crypto is $294.979M while the value of the traded volume over the last 24 hours is worth $46.966M. This is further followed by a volume/market cap ratio of 15.81%.
The market cap dominance of the Treasure token is 0.03% and the price of the crypto is highly volatile followed by the current volatility of 15.2%. The total value locked for the crypto is nil.
The staked amount for the Treasure crypto is $5.37M which is 1.87% of the total market cap. Also, the liquidity of the token is worth $17.53M and the treasury for the crypto is $16.35M.
Treasure Token Supply Overview
The circulating supply of the Treasure crypto is 260.89M MAGIC followed by a similar amount of total supply and the maximum supply resulting in 347.71M MAGIC. Also, the Onchain market cap of the crypto is $392.916M which further follows a circulating supply market cap of $293.72M.
Treasure Crypto Derivatives Analysis
Looking at the liquidity chart of the Treasure token, it can be seen that the crypto has been witnessing higher long liquidations over the last few days indicating profit booking in the crypto.
Further, if we look into the most recent data, the crypto has witnessed a higher long liquidation of $39.08K while the short liquidation for the crypto is worth $15.93K. Also, the derivatives trading volume for the crypto has witnessed a decline of 30% in the last 24 hours.
Volume Vs RSI Vs Price For MAGIC Crypto
If we look into the last few days price and volume data, with every huge surge in price, the crypto has witnessed a good surge in trading volume of the crypto. The following volume behavior indicates strength in the price of the crypto.
The RSI for the crypto is also advancing from the lower levels and is currently trading at a level of 42.4.
MAGIC Crypto Technical Analysis
The trading price of the MAGIC crypto was consistently declining from the higher levels which was followed by the formation of the lower low swings. The price of the crypto further started to take support at the lower levels and is now advancing to new highs by breaking above crucial swing highs.
The MAGIC token price has broken above crucial resistance and is currently taking support at the breakout levels.
MAGIC/USD Chart by TradingView.com
The 50-day and the 200-day EMAs are trading in a golden cross while the price has declined below the 20-day and the 50-day EMA followed by a bearish cross.
The price of the crypto is currently taking support at the 200-day EMA. If the price of the crypto sustains above the 200-day EMA, a further surge in the price might be seen.
The MACD and the signal line, both have declined below the zero level. Furthermore, the histograms formed on the chart are also bearish.
The RSI is acting volatile on the daily chart and is trading at a level of 43, declining below the 14-day SMA. This also indicates weakness in the trading price of the crypto.
Summary
The MAGIC token faces bearish indicators: declining trading price, lower lows, and bearish crosses on EMAs. MACD and RSI show weakness, with RSI below the 14-day SMA. Although currently in support, sustained trading above the 200-day EMA may lead to a further price surge. Derivatives data suggests profit booking, with long liquidations surpassing shorts.
Technical Levels:
- Support levels: $0.4100 and $1.0900
- Resistance levels: $1.5800 and $2.2100
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.