KEY TAKEAWAYS
MAGIC surged 65%, breaking a year-long downtrend, as renewed Web3 gaming and GameFi interest.
Falling wedge breakout, bullish MACD, and Supertrend buy signal support a move toward $0.35.
Sustained demand could push MAGIC toward $0.70, but failure to hold momentum risks a decline.
After spending the better part of a year in a downtrend, Treasure (MAGIC) has staged a stunning 65% rally. This development comes as the crypto market breathes life into the Web3 gaming ecosystem.
At press time, the MAGIC token price has increased by 65% within the past seven days, putting the altcoin price at $0.26, a level it has failed to reach since Jan. 27.
Once sidelined by bigger narratives, this analysis reveals why MAGIC might continue to climb.
MAGIC Flips the Script
MAGIC struggled to attract sustained buying interest for months, sliding from $0.58 to $0.065 between January and April. But today, the altcoin has decisively left that correction phase behind.
CCN’s findings indicate a clear driver: renewed interest in the GameFi and Web3 gaming sectors. This revival has put Treasure, the ecosystem that powers MAGIC, in the spotlight.
Treasure positions itself as a decentralized game publishing platform and NFT ecosystem, aiming to be the “Nintendo of Web3.” It provides developers with the infrastructure, marketplace, and community support to launch blockchain-based games.
If liquidity continues to flow into the Treasure ecosystem, the MAGIC token price could have room to trade higher. On the weekly chart, the token has broken above the upper trendline of a falling wedge — a bullish reversal pattern that often signals the end of a prolonged downtrend.
Adding to the bullish setup, the Moving Average Convergence Divergence (MACD) has flipped into positive territory, indicating that upward momentum is building.
Should this trend remain the same, MAGIC’s price might break the resistance at $0.35 while looking to breach $0.70 on the higher timeframe.
MAGIC Price Prediction: Surge to Continue
On the daily chart, CCN observed that MAGIC’s price has broken above its key resistance line. Supporting the breakout, the green line of the Supertrend now sits below the token’s price.
This means that MAGIC has presented a buy signal. If this setup holds, MAGIC could continue climbing in the short term, with the Supertrend acting as a key support.
Regarding the short-term targets, the Fibonacci levels show that MAGIC might break the resistance at $0.35. Once this happens, the next target for the altcoin could be a rise to $0.42 at the 0.618 golden ratio.
In the long run, if demand for altcoins continues to increase, MAGIC could close in on $1. However, if selling pressure increases, this prediction might be invalidated.
If that were to happen, the MAGIC token price might drop toward $0.20. In a highly bearish market condition, the altcoin’s value could decline below $0.10
