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• The magic token has doubled in worth previously week

• The cryptocurrency has been boosted by potential itemizing by Coinbase

• MAGIC is below 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. However, patrons are tenting for this minor token on positive cryptocurrency news. As of press time, the cryptocurrency was up 10%, but it surely has greater than doubled in worth because the begin of the month.

The positive factors in MAGIC occurred after US crypto trade Coinbase stated that the cryptocurrency was on its itemizing roadmap. Other tokens on the Coinbase itemizing goal are Rocket Pool (RPL) and Aragon (ANT). But what’s MAGIC?

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

MAGIC corrects barely beneath 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 remains 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, in keeping with the bullish momentum. Both shifting averages provide MAGIC help.

These key ranges might be necessary to bulls

$0.51 – This is the instant help degree for the cryptocurrency. The degree has been examined and holds floor at the same time as MAGIC corrects. If bulls defend this degree, it’ll permit them to push larger and provoke a breakout at $0.70. The degree is required to carry for MAGIC to have an opportunity for additional positive factors.

$0.30 – This is the established help for the cryptocurrency. Although mendacity deep beneath, it might be hit if $0.51 fails to carry. That may push MAGIC again into consolidation and doubtlessly wipe out the positive factors already made.

Where to purchase MAGIC

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

1. Buy ETH on a regulated trade 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 trade and pockets all-in-one with a number of the lowest charges within the trade. It’s additionally beginner-friendly, and has extra fee strategies obtainable to customers than some other obtainable service.

2. Send your ETH to a suitable pockets like Trust Wallet or MetaMask

You’ll have to create your pockets, seize your deal with, and ship your cash there.

3. Connect your pockets to the 1Inch DEX

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

4. You can now swap your ETH for MAGIC

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