• The magic token has doubled in worth previously week

• The cryptocurrency has been boosted by potential itemizing by Coinbase

• MAGIC is underneath correction because the cryptocurrency approaches the $0.7 resistance

Ever heard of the Magic (MAGIC/USD) token? With a market cap of $103.31 million, the cryptocurrency is among the many lowly ranked at #230. Nonetheless, patrons are tenting for this minor token on constructive cryptocurrency information. As of press time, the cryptocurrency was up 10%, but it surely has greater than doubled in worth for the reason that begin of the month.

The positive aspects in MAGIC occurred after US crypto alternate Coinbase mentioned that the cryptocurrency was on its itemizing roadmap. Different tokens on the Coinbase itemizing goal are Rocket Pool (RPL) and Aragon (ANT). However what’s MAGIC?

MAGIC is the native token of Treasure DAO, a venture in search of to turn out to be a decentralised online game console. The DAO targets video games and non-fungible tokens. Among the many DAO’s infrastructure is an NFT market Trover and gaming platform Bridgeworld.

MAGIC corrects barely under the resistance of $0.7

MAGIC/USD Chart by TradingView

A technical outlook reveals MAGIC dealing with resistance because the cryptocurrency approached a key resistance at $0.7. The momentum continues to be bullish, though MAGIC is overbought, with an RSI studying of $75.

The 20-day shifting common is shifting above the 50-day MA, consistent with the bullish momentum. Each shifting averages supply MAGIC help.

These key ranges will probably be necessary to bulls

$0.51 – That is the quick help degree for the cryptocurrency. The extent has been examined and holds floor whilst MAGIC corrects. If bulls defend this degree, it should permit them to push greater and provoke a breakout at $0.70. The extent is required to carry for MAGIC to have an opportunity for additional positive aspects.

$0.30 – That is the established help for the cryptocurrency. Though mendacity deep under, it could possibly be hit if $0.51 fails to carry. That would push MAGIC again into consolidation and probably wipe out the positive aspects already made.

The place to purchase MAGIC

As MAGIC is such a brand new asset, it is but to be listed on main exchanges. You possibly can nonetheless buy MAGIC utilizing a DEX (decentralised alternate) although, which simply means there are a couple of additional steps. To purchase MAGIC proper now, comply with these steps:

1. Purchase ETH on a regulated alternate or dealer, like eToro ›

We recommend eToro as a result of it is one of many world’s main multi-asset buying and selling platforms, an alternate and pockets all-in-one with a few of the lowest charges within the business. It is also beginner-friendly, and has extra cost strategies out there to customers than every other out there service.

2. Ship your ETH to a appropriate pockets like Belief Pockets or MetaMask

You may have to create your pockets, seize your handle, and ship your cash there.

3. Join your pockets to the 1Inch DEX

Head to 1Inch, and ‘join’ your pockets to it.

4. Now you can swap your ETH for MAGIC

Now that you simply’re linked, you can swap for 100s of cash together with MAGIC.