MAGIC Token Bullish, but Treasure Crypto's Liquidity a Concern

According to CoinCodex, the sentiment surrounding the MAGIC token is bullish, indicating positive market sentiment. Despite having low liquidity based on its market cap, MAGIC is an ERC-20 token on Ethereum that plays a central role in the Magic platform, revolutionizing digital asset management and decentralized exchanges.

MAGIC Token Sentiment and Market Dynamics

According to CoinCodex, the sentiment surrounding the MAGIC token remains bullish. However, the Treasure cryptocurrency exhibits limited liquidity, as indicated by its market capitalization.

MAGIC Token Overview

MAGIC is an ERC-20 token built on the Ethereum blockchain, serving as the cornerstone of the Magic platform. This platform aims to revolutionize digital asset management and decentralized exchanges.

The MAGIC token facilitates transactions, covers fees, grants access to exclusive services, enables governance participation, and can be traded on cryptocurrency exchanges. Founded by John Patten, Karel Vuong, and Gaarp, Magic strives to facilitate seamless transactions without intermediaries.

Treasure Crypto Market Performance

In the past 24 hours, the Treasure cryptocurrency has experienced a 19.3% decline in trading volume while its market capitalization has increased by 2.6%. As of the latest data from CoinMarketCap, Treasure ranks #253 in terms of market capitalization.

The current market capitalization of Treasure is $294.979 million, while the trading volume over the past 24 hours amounts to $46.966 million. This translates to a volume-to-market capitalization ratio of 15.81%.

Treasure Crypto Market Cap Dominance and Volatility

Treasure's market cap dominance stands at 0.03%. The crypto's price is highly volatile, with a current volatility of 15.2%. The total value locked (TVL) for Treasure is currently zero.

Treasure Crypto Liquidity and Staking

The staked amount for Treasure is $5.37 million, representing 1.87% of its total market capitalization. The token's liquidity is valued at $17.53 million, while its treasury holds $16.35 million.

Treasure Token Supply

The circulating supply of Treasure is 260.89 million MAGIC, with a total supply and maximum supply of 347.71 million MAGIC. The onchain market capitalization of Treasure is $392.916 million, while the circulating supply market capitalization is $293.72 million.

Treasure Crypto Derivatives Analysis

An examination of Treasure's liquidity chart reveals a trend of higher long liquidations in recent days, indicating profit-taking activity. The most recent data shows a higher long liquidation of $39.08K, compared to a short liquidation of $15.93K. The derivatives trading volume for Treasure has declined by 30% in the past 24 hours.

Volume, RSI, and Price for MAGIC Crypto

A correlation between price and volume can be observed in the MAGIC crypto's recent price and volume data. Significant price surges have been accompanied by corresponding increases in trading volume. This volume behavior suggests strength in the crypto's price.

The Relative Strength Index (RSI) for MAGIC is also trending upwards from lower levels, currently trading at 42.4.

MAGIC Crypto Technical Analysis

The trading price of MAGIC has been consistently declining from higher levels, forming lower low swings. The price found support at lower levels and is now advancing to new highs, breaking above crucial swing highs.

The MAGIC token price has broken above significant resistance and is currently supported at the breakout levels.

Moving Averages and Technical Indicators

The 50-day and 200-day Exponential Moving Averages (EMAs) are in a golden cross formation, while the price has fallen below the 20-day and 50-day EMAs, resulting in a bearish cross.

The crypto's price is currently finding support at the 200-day EMA. If it can sustain trading above this level, further price increases may be possible.

The Moving Average Convergence Divergence (MACD) and its signal line have both declined below the zero level. Additionally, the histograms formed on the chart are bearish.

The RSI is volatile on the daily chart and is trading at 43, below the 14-day Simple Moving Average (SMA). This also indicates weakness in the crypto's trading price.

Summary

The MAGIC token faces bearish indicators, including a declining trading price, lower lows, and bearish crosses on EMAs. The MACD and RSI suggest weakness, with the RSI below the 14-day SMA. While the price is currently supported, sustained trading above the 200-day EMA may lead to a further price surge. Derivatives data indicate profit booking, with long liquidations exceeding short liquidations.

Technical Levels:

• Support levels: $0.4100 and $1.0900
• Resistance levels: $1.5800 and $2.2100

Disclaimer:

This article is for informational purposes only and does not constitute financial advice. The author or any individuals mentioned in this article bear no responsibility for any financial losses incurred as a result of investing or trading in cryptocurrencies. Readers are advised to conduct their own research before making any financial decisions.