Magic Eden (ME) token has recovered from a major airdrop, gaining 10% in value, with trading volume increasing by 130% to $1.17 billion. Short-term technical analysis points to bullish potential for the ME token, with its price expected to reach a level between $5 and $50 in the long term.$ME
Magic Eden (ME) token is showing signs of recovery after a sharp decline following a major airdrop. The token, which reached an all-time high (ATH) of $13.24 in its first release, then experienced a rapid decline and moved away from this level. However, with increasing investor demand in recent days, the ME price has regained momentum.
As of today, the ME token has increased by 10% to $4.23, with trading volume increasing by 130% to $1.17 billion. The token is currently trading at $3.87. Technical indicators suggest that the short-term rally could continue. Moving averages are in an uptrend, while the RSI is trading in neutral territory and close to oversold levels.
Analysts predict that in the most positive scenario, the ME token price could exceed $ 5 in the short term, and with a more optimistic projection, it could rise to $ 50. However, the fact that the token is new and market data is limited brings with it uncertainties.
The Magic Eden ecosystem has distributed 125 million ME tokens to its users via airdrop, creating a value of approximately $4.8 billion. This distribution supports the growth potential of the ME token by increasing investor interest.