Magic (MAGIC/USD) token soars on positive news

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  • Magic Token has doubled in price in the past week

  • Crypto gets a boost from possible listing by Coinbase

  • MAGIC is in for a correction as the cryptocurrency approaches the $0.7 resistance

Ever heard of Magic (Magic/USD) Token? With a market cap of $103.31 million, the cryptocurrency is ranked as low as #230. However, buyers are camping for this minor token on the positive side. cryptocurrency news. The cryptocurrency was up 10% at press time, but has more than doubled in price since the start of the month.

The gains in MAGIC came after American crypto exchange Coinbase said the cryptocurrency was on its listing roadmap. Other coins on Coinbase listing targets are Rocket Pool (RPL) and Aragon (ANT). But what is magic?

Magic Treasure is the native token of The DAO, a project seeking to become a decentralized video game console. The DAO targets sports and non-fungible token, The DAO’s infrastructure houses Trover, an NFT marketplace, and Bridgeworld, a gaming platform.

MAGIC just below the $0.7 resistance

Magic/USD Chart by TradingView

A technical perspective shows that MAGIC is facing resistance as the cryptocurrency is nearing a key resistance at $0.7. The momentum remains bullish, however, MAGIC is overbought with an RSI reading near $75.

The 20-day moving average is shifting above the 50-day moving average, which is in line with the bullish momentum. Both moving averages provide magic support.

These Key Levels Will Be Crucial For The Bulls

$0.51 – This is the immediate support level for the cryptocurrency. The level has been tested and stays grounded even when the MAGIC is accurate. If the bulls defend this level, it will allow them to push higher and initiate a breakout at $0.70. The level needs to be held for MAGIC to have a chance to advance further.

$0.30 – This is the established support for the cryptocurrency. Although located at a depth below, it could get hit if $0.51 fails to hold. This could push MAGIC back into consolidation and potentially erase the gains it has already made.

where to buy magic

Since Magic is such a new asset, it is not yet listed on major exchanges. However, you can still buy MAGIC using a DEX (decentralized exchange), which means there are a few extra steps. To buy MAGIC now, follow these steps:

1. Buy ETH on a regulated exchange or broker, such as eToro ›

we suggest eToro Because it is one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It is also beginner-friendly, and has more payment methods available to users than any other service available.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You have to create your wallet, get your address, and send your coins there.

3. Connect your wallet to 1 inch DEX

Head up to 1 inch, and ‘connect’ your wallet to it.

4. You can now swap your ETH for Magic

Now that you are connected, you will be able to exchange 100 coins including MAGIC.

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