“Magic Eden ($ME) – Is the Magic Back? 📈📉”
Technical Analysis
1. Current Price: $3.77 (-11.89%)
2. 24h High/Low: $4.30 / $3.73
3. RSI:
• RSI(6) at 25.65 indicates oversold – potential bounce incoming.
• RSI(12) & RSI(24) still low at 38.22 & 43.95 – sellers in control.
4. Moving Averages:
• MA(7) at $3.96 acting as short-term resistance.
• MA(25) at $4.50 indicates a bearish trend until flipped.
5. Volume: High selling pressure observed, indicating a bottom formation.
Chart Pattern
• A falling wedge pattern is forming, typically bullish on breakout.
• Significant support near $3.70, while buyers are trying to hold this zone.
Potential Targets
Bullish Scenario: If breakout occurs above key resistance levels:
• Target 1: $4.50
• Target 2: $5.30
• Target 3: $6.00
Bearish Scenario: If selling continues below $3.70:
• Target 4: $3.50
• Target 5: $3.20
Key Notes:
• Watch for a volume surge and breakout above $4.00 for confirmation.
• RSI oversold levels could trigger a bounce.
