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The Magic Eden token has reached the second spot on today’s top crypto gainers list. This occurred after the coin registered a price growth of 10.47%. Despite the fact that the upside movement has faced some notable resistance, it stands that this market still has the right setup to push forward.
ME Statistics
Magic Eden Current Price: $0.986
Market Capitalization: $142.45M
Circulating Supply: 146.76M ME
Total Supply: 999.99M
CoinMarketCap Rank: 277
Key Price Levels
Resistance: $1.250, $1.500, $1.750
Support: $0.980, $0.930, $0.880
Magic Eden Eyes the $1.20 Mark
The ongoing session in the Magic Eden daily market has seen the most significant momentum in a positive direction. As a result, this appears to be the biggest upside movement observed in this market recently. The latest price candle on the chart can be seen standing above the 20-day Moving Average (MA) line and hugging the 50-day MA line.
The Stochastic Rate of Change (SROC) Indicator line is still below the equilibrium level but has an upward trajectory. As a result, the movement of the SROC indicator aligns with the direction of price action. Consequently, this suggests that additional gains may be seen in this market.
ME Retreats Below the $1.00 Price Level
By examining the ME token price chart on a 4-hour timeframe, one can see that trading activities had previously breached the resistance at the $1.00 price level, trading above it briefly. However, headwinds have pushed against the market, forcing price action to retreat below the $1.00 level.
Be that as it may, prices remain above all the MA lines. Also, the latest price candle on the chart is green and shows minimal gains as of the time of writing. The SROC lines are above the equilibrium level, and their terminal end slightly points upward. It can also be seen that the 20-, 50-, 100-, and 200-day MA curves are converging below the price action. Technically, this suggests that the market may soon resurface above the $1.00 level.
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