• Magic Eden has jumped over 21% and is now trading at $1.03.
  • ME’s daily trading volume has skyrocketed by more than 2,826%.

Recent recovery attempts have resulted in mixed sentiment across the crypto market. The market cap has reached $3.33 trillion, with the neutral sentiment as the fear and greed index holding at 57. The largest assets like BTC and ETH are trading at around $105.4K and $2.6K, respectively. Meanwhile, Magic Eden (ME) defied the trend, posting a jump of over 21.11%.

The surge behind the ME is linked with the Trump Wallet. It opened the day trading at its daily low at around $0.8444, and with the powerful bulls in command, has sent the Magic Eden price to the peak of the $1.16 range. The asset has tested and broken the crucial resistance zones between $0.8540 and $1.14, shifting the momentum into bullish territory. 

At the time of writing, Magic Eden traded at around the $1.03 range, with its market cap reaching $155.02 million. Also, the daily trading volume of ME has increased by over 2826%, touching $459.76 million as per CMC data. Notably, $3.16 million worth of ME has been liquidated in the market.

Will Magic Eden’s Momentum Carry It Higher?

The Moving Average Convergence Divergence (MACD) line and signal line of Magic Eden have crossed above the zero line. This crossover likely indicates that the bullish momentum is strong in the market. Traders often infer this as a potential buy signal. Moreover, the Chaikin Money Flow (CMF) indicator, which is currently at -0.07, suggests that money is flowing out of the asset. Its selling pressure is slightly outweighing buying pressure. 

Magic Eden (ME) Soars 21% with 2,826% Volume Spike, Can the Hype Hold? image 0 ME chart (Source: TradingView )

The active positive momentum of Magic Eden could push its price toward the $1.07 range. The golden cross might emerge if the upside correction gains enough strength, gradually triggering the asset to ignite a mighty rally, after mounting up over the $1.11 zone. 

Contrarily, assuming the wake of Magic Eden bears, the price might likely plummet to its recent low of around $0.99. A deeper downside correction could invite the death cross to form and pull the asset’s price back toward the $0.95 level or even lower. 

Magic Eden (ME) Soars 21% with 2,826% Volume Spike, Can the Hype Hold? image 1 ME chart (Source: TradingView )

Furthermore, the Bull-Bear Power (BBP) reading of 0.214 implies that the bulls are stronger than the bears, with the upward price pressure. Magic Eden’s daily relative strength index (RSI), found at 76.62, signals its overbought territory with the potential of a pullback or correction.

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