Search Inside Bitcoins

MAGIC Price Prediction This Announcement Triggers 50% Spike

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

MAGIC hits upside target after its December breakout. Source: TradingView
MAGIC hits upside target after its December breakout. Source: TradingView

Join Our Telegram channel to stay up to date on breaking news coverage

MAGIC, the native token of Treasure spiked close to 50% on Monday. Treasure is an Arbitrum-based non-fungible token (NFT) ecosystem for metaverse gaming projects. MAGIC was last changing hands around $0.77 per token, having been as high as $1.01 earlier in the day, but having failed to sustain a lasting break above its early August highs in the $0.95 area. Despite this, MAGIC price predictions remain bullish, with the cryptocurrency up around 300% since its November lows around $0.20.

MAGIC spikes 50%. Source: TradingView

This News Triggered MAGIC’s Massive Spike

The world’s largest exchange Binance will list MAGIC in its Innovation Zone. Token listings on major cryptocurrency exchanges like Binance often trigger a short-time spike in cryptocurrency prices. That’s because traders expect the listing to increase demand for the token. They thus start bidding up the price to try and front-run new buyers on the exchange where the token has just been listed.

Binance’s announcement follows an announcement from Coinbase, the world’s second-largest cryptocurrency exchange last week.

Price Prediction – Where Next For MAGIC?

MAGIC’s Monday surge marks the completion of a move that began back in early December, when the cryptocurrency bust above a downtrend that had been suppressing the price action going all the way back to August. The December breakout also saw MAGIC surge to the north of all of its major moving averages, all of which look set to turn higher. MAGIC is likely to soon enjoy a so-called “golden cross”, where its 50DMA crosses to the north of its 200DMA, which some traders see as a buy signal.

MAGIC hits upside target after its December breakout. Source: TradingView

When MAGIC broke higher in December, some traders were targeting a retest of the August highs and that is what they got on Monday. With the cryptocurrency now taking a breather, traders are asking where next for the coin. While profit-taking may cap immediate upside for now, MAGIC also broke above another key technical level on Monday, which might signal further near-term upside.

Since mid-September, and uptrend has been suppressing MAGIC upside, prior to Monday’s surge. If MAGIC can hold above this uptrend in the near term, that could signal that its next move will be back to the north of the $1.0 level. The next key level to target is the early May lows in the $1.04 area and, above that, the early May highs around $2.0.

MAGIC might see further upside if it can hold above this trendline. Source: TradingView

Altcoins Offering Quicker Returns

Cryptocurrencies have been trading sideways for a few weeks now, leading some traders to start looking at alternatives with more potential in the short term. Listed below are some of the leading presales in the market, allowing investors to get in on the ground floor.

Dash 2 Trade (D2T)

Those interested in investing in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up-and-coming analytics and social trading platform hopes to take the crypto trading space by storm with its host of unique features.

These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system and a strategy back-testing tool. Dash 2 Trade’s ecosystem will be powered by the D2T token, which users will need to buy and hold in order to access the platform’s features.

Dash 2 Trade is currently conducting a token pre-sale at highly discounted rates. D2T token sales recently surpassed $9.5 million. The sale is in its final stage and interest in the project could soon spike, with developers on the cusp of releasing a beta version of the platform ahead of schedule.

Visit Dash 2 Trade here

RobotEra (TARO)

RobotEra (TARO) is a Sandbox-style Metaverse that will enable gamers to play as robots and participate in the creation of its virtual world, including NFT-based land, buildings, and other in-game items. Due to launch in an alpha version in the first quarter of next year, it also plans to let players link up with other metaverses, in the process creating a multi-verse where NFTs from different platforms can interoperate.

1 TARO is currently selling for 0.020 USDT (it can be bought using either USDT or ETH), although this price will rise to $0.025 in the second stage of its presale. The project has now raised more than $521K in funds in the few weeks since the launch of the pre-sale.

Visit RobotEra Now

Read more: 

Join Our Telegram channel to stay up to date on breaking news coverage

Read next