🌟 Price update $MAGIC on December 11, 2024 🌟

1️⃣ Current price of MAGIC:

Magic (MAGIC) is trading at 0.6175 USD with a market capitalization of approximately 129.37 million USD. MAGIC is part of the Treasure ecosystem, a prominent GameFi platform on Arbitrum, designed to gradually decrease its supply over time, increasing value according to demand.

2️⃣ On-chain activities of whales:

• Whale distribution: Some large addresses have sold nearly 5% of their holdings in the past week in the price range of 0.61 - 0.64 USD, indicating a profit-taking sentiment.

• Whale accumulation: Other addresses have been accumulating at the price range of 0.57 - 0.60 USD, reflecting expectations of mid-term price increases.

3️⃣ Technical indicators:

• Moving Average (MA): The price is close to MA50 (0.615 USD) and below MA200 (0.65 USD), signaling that the short-term trend may still be weak.

• RSI (Relative Strength Index): The current RSI is at 48, indicating that MAGIC is neither overbought nor oversold.

• MACD: The histogram shows signs of turning positive, signaling a potential recovery in the mid-term.

4️⃣ Mid-term assessment:

With potential in the GameFi ecosystem and whale activities, MAGIC could gain momentum if the price maintains above 0.615 USD. However, attention should be paid to the resistance zone of 0.65 - 0.68 USD, where selling pressure may increase. Conversely, if the price falls below 0.60 USD, the likelihood of a correction to 0.57 USD is very high.

5️⃣ Conclusion:

• 📈 Short-term buy recommendation: If the price breaks above 0.62 USD with high volume.

• 📉 Close monitoring: If the price returns to the range of 0.57 - 0.58 USD, consider accumulating.

🎯 Note: This is only an analysis based on data, you need to monitor additional news and market signals before making a decision📌