MAGIC Crypto Surges, Treasure Token Gains Momentum Amidst Inflationary Woes

The crypto market is experiencing volatility, with the inflation rate of the MAGIC crypto remaining high. The Treasure token has demonstrated remarkable growth, rising by 433% from its lowest recorded price. MAGIC, an ERC-20 token operating on Ethereum, facilitates transactions within its ecosystem and aims to revolutionize digital asset management through decentralized solutions.

Magic (MAGIC) Cryptography Experiences Surge in Price, While Treasure Token Gains Momentum

Inflationary Pressures Impact MAGIC Cryptography

The Magic (MAGIC) cryptocurrency, operating on the Ethereum blockchain, has garnered considerable attention due to its substantial inflation rate. This metric, indicative of the rate at which the supply of a cryptocurrency increases, has emerged as a significant concern for investors.

Treasure Token Exhibits Price Appreciation

In contrast to MAGIC, the Treasure token has experienced a remarkable 433% surge from its all-time low. This token plays a pivotal role within the broader Magic ecosystem, which aims to revolutionize digital asset management and exchange platforms through decentralized solutions.

Magic Cryptography: A Multifaceted Ecosystem

MAGIC tokens serve as the backbone of the Magic ecosystem, facilitating fees, exclusive services, governance, and trading. The project's inception owes its existence to the vision of John Patten, Karel Vuong, and Gaarp, who envisioned a transformative landscape for digital asset interactions.

Market Dynamics of Treasure Cryptography

Delving into the market dynamics of Treasure, we observe a 1.8% increase in its market capitalization, while its trading volume has witnessed a 37% decline over the past 24 hours. The token's market capitalization currently stands at $254.791 million.

As per CoinMarketCap, Treasure holds the #270 spot in terms of market capitalization ranking. Its trading volume amounts to $43.103 million, resulting in a volume-to-market capitalization ratio of 16.93%.

Volatility and Market Dominance of MAGIC Cryptography

MAGIC's price has exhibited significant volatility, with a volatility percentage of 10.77%. It commands a market capitalization dominance of 0.01%. The current circulating supply of MAGIC is 262.219 million, while its total supply stands at 347.714 million.

Notably, the total and maximum supplies of MAGIC remain identical. Its on-chain market capitalization is $340.16 million, and its circulating supply market capitalization is $256.726 million. The token boasts a holder base of approximately 4.5 thousand individuals.

Value Locking and Liquidity of MAGIC Cryptography

The total value locked for MAGIC is currently null, and its staked value stands at $4.78 million, representing 1.85% of its market capitalization. The token's liquidity amounts to $17.53 million, while its treasury is valued at $13.32 million.

Derivative Analysis of Treasure Cryptography

Analyzing Treasure's derivative data reveals a consistent trend of higher long liquidations over several days, indicating a seller's advantage in the market. Over the past 24 hours, the long liquidation volume amounted to $158.9 thousand, while the short liquidation volume totaled $302 thousand. This is accompanied by a 44.5% decline in Treasure's trading volume.

Social Dominance and Twitter Followers of Treasure Cryptography

Treasure's social dominance has witnessed a gradual increase in recent days, accompanied by a growth in Twitter followers. This trend suggests heightened engagement within the crypto community.

Technical Analysis of MAGIC Cryptography

Technical analysis of MAGIC's price reveals a rising wedge pattern on the daily chart. Despite an initial surge in price, the token failed to maintain its highs and broke below the wedge pattern. This has led to the formation of equal lows. A further decline in price may result in a bearish break of structure, potentially driving the price towards lower support levels.

The price of MAGIC has fallen below both the 50-day and 200-day exponential moving averages (EMAs), while the EMAs themselves have formed a golden cross. However, the 20-day and 50-day EMAs have intersected in a bearish cross, indicating the onset of a downtrend.

The moving average convergence divergence (MACD) and its signal line are also in a bearish crossover and have dipped below the zero level. These indicators are trending towards significant lows, further reinforcing the bearish momentum in MAGIC.

The relative strength index (RSI) has dropped below both the 50-level and the 14-day simple moving average (SMA). Its current value of 36.9 suggests bearish momentum in the price.

Summary and Outlook

Considering the high inflation rate and bearish technical indicators for MAGIC, it is reasonable to anticipate further price declines. While engagement on social platforms remains positive, the technical analysis suggests a potential break of support levels, signaling a bearish outlook for the token's trajectory.

Technical Levels:

• Support levels: $0.5700 and $0.7600
• Resistance levels: $1.2300 and $1.5800

Disclaimer:

This article is provided solely for informational purposes and should not be construed as financial or investment advice. Neither the author nor the individuals mentioned in this article bear any responsibility for financial losses incurred as a result of investing or trading based on the information provided. Readers are strongly advised to conduct their own thorough research before making any financial decisions.