Treasure (MAGIC) Price Pumps 50% – Is It Too Late to Enter?

Key Takeaways

Treasure’s (MAGIC) price is up by more than 50% today.
MAGIC broke out from a descending parallel channel.
Can MAGIC continue its ascent to a new yearly high?

Treasure (MAGIC) has been the best-performing crypto asset in the past 24 hours, despite no notable news preceding the MAGIC price rally.

However, a combination of narratives such as Artificial Intelligence gaming, autopilot features, and fishing bots has gained traction and could have contributed to the rally.

Not to be confused with the Magic Eden Non-Fungible Token (NFT) marketplace, MAGIC is the native token of Treasure, an AI-powered entertainment system.

Why is MAGIC Up Today?

Yesterday, the MAGIC price broke out from a descending parallel channel, ending a 78-day downward movement.

The bounce started on June 13, but did not accelerate until the price broke out of the channel.

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MAGIC Correction Over

The long-term analysis is even more bullish than the short-term one.

Since March, the MAGIC price has completed an A-B-C correction, with wave C being 1.61 times the length of wave A.

This is a common proportion in such structures, increasing the likelihood that this is the correct count.

MAGIC is breaking out from the wave C resistance trend line, adding more support to the rally.

MAGIC Resistance Trend Line — MAGIC/USDT Weekly Chart | Credit: Valdrin Tahiri/TradingView

Furthermore, momentum indicators like the RSI and MACD have generated bullish divergences (orange) since August.

If the ensuing upward movement is an A-B-C structure, the MAGIC price will reach a top between $0.51 and $0.75.

If it is a five-wave increase instead, MAGIC could go much higher, potentially reaching a new all-time high.

In both cases, the upward trend will continue shortly.

New Highs Likely

MAGIC paced the crypto market with an increase of over 50% today, breaking out from two key resistance levels.

The trend is bullish, and if the price clears the $0.240 resistance area, it could reach a new yearly high.

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Disclaimer: The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.

About the Author

Valdrin Tahiri

Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.

He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.

Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.

He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.

[email protected]

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Treasure (MAGIC) Price Up 50% Today — Here’s Why It Might Just Be Warming Up

Why is MAGIC Up Today?

MAGIC Correction Over

New Highs Likely

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