The Magic (MAGIC) token has experienced an impressive 35% growth in the past week, with a 7% increase on the day, following its recent listing on Upbit Global, a leading cryptocurrency exchange based in South Korea. As the native token of Treasure, a decentralized gaming ecosystem connecting games, gamers, and the broader community through non-fungible tokens (NFTs), MAGIC’s listing on Upbit Global may trigger significant price movements in the coming days.
Treasure, the gaming platform MAGIC primarily utilizes, has gained traction with its innovative approach to connecting the gaming community through NFTs. The inclusion of MAGIC on top-tier cryptocurrency exchanges, such as Coinbase, Binance, Gate.io, and now Upbit Global, has made it even more accessible to one of the world’s largest blockchain gaming markets.
Expert Price Analysis: MAGIC Could Rally 25% to $2.33 As most alternative cryptocurrencies (altcoins) struggle in the face of a resurgent Bitcoin market, which has seen BTC trending above $28,000 for three consecutive days, MAGIC has been performing remarkably well. At around 8:00 am ET on March 21, MAGIC traded at 0.00006594 BTC, an increase of nearly 1.2% just hours after being listed on the South Korean-based cryptocurrency exchange with a BTC/MAGIC trading pair.
In terms of USD value, MAGIC was trading at approximately $1.87, reflecting a 7% and 35% gain over the last 24 hours and seven days, respectively. This upward trajectory has been spurred by the excitement surrounding the Arbitrum (ARB) project.
From a technical standpoint, MAGIC’s price has remained above the 20-day exponential moving average since surpassing its resistance on March 14. Despite this, bulls have difficulty breaking through the immediate barrier at $1.96, establishing a short-term target resistance level at $2.00.
Should the bulls successfully penetrate the supply wall at this level, they may face an obstacle around $2.15—the point of significant rejection on February 7, which subsequently led to MAGIC’s retest of lows at $0.99 on March 11, 2023. Supported by a rising Relative Strength Index (RSI) indicator, currently above 60, and a positive Awesome Oscillator, MAGIC could potentially achieve a 25% upswing, reaching its year-to-date peak of $2.33.
Conversely, if the market sees a downturn from its current position, MAGIC’s price could fall back to the immediate horizontal support line near $1.72. In this scenario, the 20-day EMA line at $1.56 could serve as the next buffer zone for bullish investors.