The Magic Eden price plunged 50% in the last 24 hours to trade at $96,117 as of 11:04 p.m. EST on trading volume that skyrocketed to $4.2 billion.
This comes after its debut experienced unforeseen issues as the non-fungible token (NFT) platform’s users complained of a buggy mobile app and an overly complex claiming process.
Magic Eden Price Currently On A Bearish Trend
After its launch, the Magic Eden price dropped to as low as $4.4, making this level a formidable support zone, according to data from GeckoTerminal . However, the bulls then took control of the price at this level, pushing the price of Magic Eden up, completing a rounding bottom pattern
However, the Magic Eden price then invalidated the bullish sentiments of the rounding bottom pattern as it plunged back to the $5.4 level.
Meanwhile, the price of Magic Eden trades slightly above the 50-day Simple Moving Average (SMA). As long as the price stays above this level, ME could still soar.
The Relative Strength Index (RSI) value is 43.17, which is in the neutral-to-slightly-oversold range. This indicates that the recent sell-off may be stabilizing, but there’s no strong bullish momentum yet.
If the price falls below $5.40 and the 50-day SMA, the next support is likely near $5.00. A drop below this level could open the door for further declines toward $4.50.
MEUSD Chart Analysis Source: GeckoTerminal If the price holds the support at $5.60 and the RSI begins to rise toward 50 or higher, we could see a reversal and a retest of $6.50–$7.00 in the short term. A break above $7.00 would confirm a renewed bullish trend, with $9 as the next target.
Meanwhile, investors who are looking for diversification opportunities might consider the newly launched Best Wallet (BEST) , which an analyst on the YouTube channel 99Bitcoins, which has over 709K subscribers, says is one of the best crypto wallets in the market.
Best Wallet Presale Amasses Over $3.3 Million
Leading Web3 wallet Best Wallet (BEST) has raised over $3.3 million in its ongoing presale as it continues to gain traction in the crypto space.
Best Wallet is a Web3 crypto wallet that offers advanced features and an intuitive interface, setting itself apart from traditional wallets like MetaMask.
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The BEST token is the governance token of Best Wallet’s expanding ecosystem, which includes the wallet, Best DEX, and the upcoming Best Card.
It is the key to unlocking a range of benefits designed to enhance the experience of users.
You can also earn a huge annual percentage yield of 852% by staking your BEST tokens.
Investors can currently purchase $BEST for $0.02305. Buy now to lock in the best deal as the price will increase in a little more than 10 hours, and continue rising as the presale progresses.
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