The magic token has doubled in value previously week
The cryptocurrency has been boosted by potential itemizing by Coinbase
MAGIC is beneath correction because the cryptocurrency approaches the $0.7 resistance
Ever heard of the Magic (MAGIC/USD) token? With a market cap of $103.31 million, the cryptocurrency is among the many lowly ranked at #230. However, consumers are tenting for this minor token on positive cryptocurrency news. As of press time, the cryptocurrency was up 10%, however it has greater than doubled in value for the reason that begin of the month.
The good points in MAGIC occurred after US crypto trade Coinbase mentioned that the cryptocurrency was on its itemizing roadmap. Other tokens on the Coinbase itemizing goal are Rocket Pool (RPL) and Aragon (ANT). But what’s MAGIC?
MAGIC is the native token of Treasure DAO, a undertaking looking for to turn into a decentralised online game console. The DAO targets video games and non-fungible tokens. Among the DAO’s infrastructure is an NFT market Trover and gaming platform Bridgeworld.
MAGIC corrects barely beneath the resistance of $0.7
MAGIC/USD Chart by TradingView
A technical outlook reveals MAGIC going through resistance because the cryptocurrency approached a key resistance at $0.7. The momentum remains to be bullish, though MAGIC is overbought, with an RSI studying of $75.
The 20-day transferring common is shifting above the 50-day MA, in keeping with the bullish momentum. Both transferring averages supply MAGIC help.
These key ranges can be essential to bulls
$0.51 – This is the instant help degree for the cryptocurrency. The degree has been examined and holds floor at the same time as MAGIC corrects. If bulls defend this degree, it would enable them to push increased and provoke a breakout at $0.70. The degree is required to carry for MAGIC to have an opportunity for additional good points.
$0.30 – This is the established help for the cryptocurrency. Although mendacity deep beneath, it might be hit if $0.51 fails to carry. That may push MAGIC again into consolidation and doubtlessly wipe out the good points already made.
Where to purchase MAGIC
As MAGIC is such a brand new asset, it is but to be listed on main exchanges. You can nonetheless buy MAGIC utilizing a DEX (decentralised trade) although, which simply means there are just a few further steps. To purchase MAGIC proper now, observe these steps:
1. Buy ETH on a regulated trade or dealer, like eToro ›
We recommend eToro as a result of it is one of many world’s main multi-asset buying and selling platforms, an trade and pockets all-in-one with among the lowest charges within the trade. It’s additionally beginner-friendly, and has extra fee strategies accessible to customers than another accessible service.
2. Send your ETH to a suitable pockets like Trust Wallet or MetaMask
You’ll have to create your pockets, seize your deal with, and ship your cash there.
3. Connect your pockets to the 1Inch DEX
Head to 1Inch, and ‘join’ your pockets to it.
4. You can now swap your ETH for MAGIC
Now that you simply’re linked, you can swap for 100s of cash together with MAGIC.
