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MAGIC’s price exploded on Tuesday ahead of the token’s listing on major cryptocurrency exchange Upbit Global.
MAGIC is the native token of Treasure, a decentralized gaming ecosystem that connects games and gamers. Treasure also connects the gaming community through non-fungible tokens (NFTs). The project uses MAGIC, and the latest listing could be a big factor in price volatility over the next few days.
It’s official – $MAGIC set to go live @upbitglobal March 21st at 4pm (KST) (MAGIC-BTC)!
Upbit is a leading exchange in South Korea and we are pleased that MAGIC will be even more accessible to one of the most important gaming markets.
Treasure (@Treasure_DAO) March 21, 2023
Magic Tokens are available on several major cryptocurrency exchanges such as Coinbase, Binance and Gate.io, but Upbit makes it easier for you to access one of the world’s largest blockchain gaming marketplaces.
After breaking the macro downtrend, MAGIC was up on the day as most altcoins struggled amid a liquidity rotation into the Bitcoin market where BTC trended above $28,000 for the third straight day. It was traded in green.
As for Magic’s price, it traded at 0.00006594 BTC around 8:00 am on March 21st, up nearly 1.2% a few hours after the token was listed on South Korean crypto exchanges as the BTC/MAGIC pair. .
Against the US dollar, MAGIC is trading at around $1.87, up 7% and 35% respectively over the last 24 hours and 7 days. The rise follows an upward momentum fueled by the hype surrounding the Arbitrum (ARB).
MAGIC price movement on Binance. sauce: TradingView
From a technical standpoint, the MAGIC price has remained above the 20-day exponential moving average since breaking above the resistance on March 14th. However, the bulls have twice failed to break out of the immediate wall at $1.96, making the $2.00 resistance level their main target in the short term.
If the bulls manage to break through the supply barrier at this level, they could face an expected hurdle near $2.15. Rejected heavily on February 7, MAGIC finally retested on March 11, 2023 where he hit a low of $0.99.
Rising Relative Strength Index (RSI) indicator currently above 60 and a continuation of the upward continuation underpinned by the positive Awesome Oscillator could see a 25% gain to its year-to-date peak of $2.33 .
On the downside, any reversal from current levels could push the price back to the horizontal support near $1.72. The 20-day EMA line at $1.56 could be the next buffer zone for the bulls.
