Magic Eden’s native token, ME, is coming out of a massive slump, as the ME price plummeted heavily after the token launch. Although the drop was understandable under the influence of volatility, it was unexpected for many. Interestingly, the Magic Eden token is creating a rally today, so let’s discuss what’s happening with this NFT token.
ME Price Surged 10% Over Increased Investor Interest
The ME token was launched recently with a massive Magic Eden airdrop. This airdrop alone boosted the token’s demand among the crypto community. As a result, the Magic Eden price hit its prime, creating an ATH at $13.24 before collapsing immediately. Notably, it stayed in a long consolidation before attempting a recovery in the last few days.
Interestingly, the Magic Eden token is witnessing an increased investor demand today. This increased interest has pushed the ME price to $4.23 earlier in the day, currently at $3.87 after a 10% surge today and 20% over the week. This surged demand is clearly depicted in the trading volume, which is up by 130% to $1.17B.
This impressive surge confirms that investors are attentive to the token, eventually aiding in the transition of the token’s performance from bears-dominated to bulls-dominated. Here, the increasing demand for the NFT marketplace has played the biggest role, as it’s constantly working on expansion and development.
Magic Eden Token Analysis & Price Forecast
The current ME price rally has helped the token get out of the slump, but the ME coin still requires another 70-75% rally to get near the prime. With such high TV and CoinmarketCap community sentiments being bullish, the token can attempt a further rally. Interestingly, the TradingView technical analysis says the same, as the moving averages (10) and momentum indicate a short-term bullish move. Moreover, the RSI is neutral, which hints at the continuity of the ongoing trend, but it is closer to the oversold region. If the token entered that, a trend reversal could happen.
However, the ME token is new to the market and has limited information, restricting proper analysis to identify its future price trajectory. There are additional uncertainity, as the RSI is closer to an oversold region, and other technical indicators lack strong trends. For further profits, the investors need to follow careful and strategic moves. In the most bullish outcome, the price could reach $5 and higher in the long term. More importantly, a few crypto enthusiasts have even anticipated the ME price rally to $50, with the NFT season hitting in the next few months.
Magic Eden is Multi-Chain #NFT MarketPlace.
As NFTs season loading in next 4,5 months, It’s best time to have some NFTs projects in your bags like $ME .
50$ is easy target in peak Bull for $ME . @MagicEden pic.twitter.com/j6sZ5pnGxn
— FOUR | Crypto Spaces (@X_Four_iv) December 25, 2024
What’s In There For You?
Through the Magic Eden airdrop, the team distributed 125 M ME tokens, worth $4.8B per current Magic Eden price, which the users received for free. Notable, the worth will grow even higher with the further ME price rally. With that, investors flocked to the token and traded the token dip, which clears the reason behind the increased TV. As the token is 70% away from the prime, it leaves space for the Magic Eden token to grow and offer significant returns. Now, it has to see how high the buyer’s dominance can push this token, especially when the Bitcoin price struggle continues, impacting the market performance.
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