Magic Eden (ME) Continues to Recover from Its Year Low

As of today, the Magic Eden token has witnessed a continued upward movement in its market. The market has grown by 6.36%. Also, price action in this market has continued to reside above important technical levels. As such, bullish sentiment may strengthen, causing prices to extend upward.

ME Statistics

Current Price: $0.8447

Market Capitalization: $78.81M

Circulating Supply: 167.13M

Total Supply: 999.99M

CoinMarketCap Rank: 378

Key Price Levels

Resistance: $0.500, $0.750, $1.00

Support: $0.450, $0.600, $0.350

Magic Eden Traders Hold to Positivity

ME price action broke through the resistance formed by the 9-day Exponential Moving Average (EMA) line two sessions ago.

Although the ongoing session has seen a strong downward contraction and has, as such, cut down gains in the session by a notable margin, the Stochastic Relative Strength Index (SRSI) indicator lines have delivered a crossover in the overbought region.

The ensuing lines of the indicator can be seen moving sideways in the overbought area, hinting that upside forces are still likely to gain traction.

ME Market Buyers Strive to Stay Ahead

Even in the Magic Eden market, it can be seen that price action has experienced a notable decline due to contraction. The ongoing session likewise appears very compressed. Additionally, the corresponding candle for the ongoing session continues to hug the 9-day EMA curve.

The SRSI indicator lines have delivered an upward crossover in the oversold zone. However, the ensuing lines of the SRSI are still moving sideways in the oversold region of the indicator. Nevertheless, this market may edge toward the $0.500 price level should price action rise past the 9-day EMA line.

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