Magic Eden Price Prediction: Bulls Gear Up For A Potential Rally

The Magic Eden price has plummeted 62% in the past week and 15% in the last 24 hours to trade at $4.26 as of 7:05 a.m. EST on a 20% drop in trading volume to $965 million.

Magic Eden price showed signs of weakness on Monday, continuing its recent downtrend with a 0.49% decrease in the last 24 hours to trade at $4.229 as of 7:05 a.m. EST. The price also dropped 62% last week and 15% in the last 24 hours. However, the price found support at a key level, potentially setting the stage for a rebound.

Magic Eden Price Chart Analysis

The ME/USDT trading pair on Binance, in the 15-minute timeframe, shows the price attempting to consolidate after a period of decline. From last Monday’s opening price of around $4.35, the price dropped to a low of $4.18 on Monday morning before recovering slightly.

The price is now consolidating around the $4.20 level, which has acted as a support zone that was tested multiple times. This suggests potential demand at this price point.

However, the price needs to hold this support level, as a failure to do so could lead to a further decline. On the upside, the 50-period moving average (MA) is currently acting as short-term resistance at $4.251, while the 200-period MA at $4.827 represents a more significant resistance level.

MEUSDT Analysis Source: Tradingview

A breakout above the consolidation zone could trigger an upward movement, with the next target around $4.40 and further resistance potentially at $4.60. The Relative Strength Index (RSI) is at 50.43, reflecting neutral momentum. The slight upward movement suggests some buying pressure but not enough to confirm a bullish trend.

Magic Eden Price Key Trendline Resistance

The descending trendline from previous highs indicates a bearish channel. However, the recent flattening suggests the selling pressure is easing, and a potential breakout above the trendline could signal a reversal to the upside.

The moving averages show that the 50-period MA is below the 200-period MA, indicating that the broader market sentiment is still bearish. However, if the price moves above the 50-period SMA, it could attract short-term buyers.

For a bullish scenario, a breakout above $4.25 and the consolidation zone would likely lead to a rally towards $4.40–$4.60. However, this would require confirmation from increasing volume and the RSI rising above 60. On the other hand, if the price fails to hold the support at $4.20, it could fall toward $4.00 or lower, especially if the broader market remains weak.

The chart indicates a potential reversal from the current consolidation, but a breakout above $4.25 is crucial for confirming upward momentum. Monitoring volume and the RSI will be key to gauging the strength of the next price move.

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