MAGIC surged 20% today. What’s the outlook for the market?
Treasure DAO is a native metaverse gaming eco on Arbitrum, aiming to bring games and players together through its eco token MAGIC. Treasure initially started as an NFT project on the Loot eco and later became a decentralized gaming eco of shared resources, community, and infrastructure. The platform integrates applications such as NFT, DeFi, and GameFi, with the goal of supporting NFT and metaverse projects to build their own ecos on the platform and achieve integration between projects.
MAGIC is the core token in the TreasureDAO eco, serving as a medium of value exchange within the platform. Users can utilize MAGIC for various activities such as trading, voting, and staking. MAGIC is not just a transaction tool, but also an important asset for participating in governance, earning rewards, and enjoying platform services.
According to Gate.io market data, MAGIC is currently priced at $0.53 with a market capitalization of $161 million, ranking 355th in the market. MAGIC’s all-time high was $6, and it has dropped 91% from its peak. Some community opinions believe that in this round of market trends, Gamefi has significantly underperformed RWA, Layer1, and other tracks. The rise of MAGIC this time is not driven by project-related events, but rather due to Shaw, a key member of MAGIC, being the founder of ai16z, a popular project today, with funds flowing from the AI Agent track to related projects.
MAGIC Market Analysis
Trading data
- Current price: 0.5308 USDT
- 24-hour increase: 13.35%
- 24-hour highest price: 0.5553 USDT
- 24-hour lowest price: 0.4623 USDT
- Support level: 0.5099 USDT
- Resistance Level: 0.541 USDT
- Market Sentiment: Greed (Fear and Greed Index is 74)
Technical Analysis
- RSI indicator: Currently in overbought territory, may face short-term pullback risk.
Trading Strategy Recommendations
Strategy 1: Short-term pullback short
- Direction: Short
- Entry Price: 0.5300 USDT (close to the current price)
- Stop loss price: 0.5420 USDT (breaking through resistance)
- Target price: 0.5100 USDT (near support level)
- Reason: The current RSI indicator shows overbought, market sentiment is greedy, which may lead to a short-term pullback. If the price breaks through the resistance level, set a stop loss to control the risk.
Strategy 2: Breakthrough Long
- Direction: Long
- Entry price: 0.5420 USDT (after breaking through the resistance level)
- Stop-loss price: 0.5300 USDT (below support level)
- Target price: 0.5700 USDT (expected upside)
- Reason: If the price breaks through the resistance level, it may trigger further upward movement. Combining market sentiment and fund inflows, it is suitable for short-term long positions.
Outlook
The reason why TreasureDAO is able to stand out among many GameFi projects is due to its outstanding token economic design, community operation, and accurate grasp of market demand. TreasureDAO is Web3 The game player provides an aggregated game platform, while providing the infrastructure needed for game developers or game publishers to develop games.
After hitting a historical high of $6 in February 2022, MAGIC’s performance over the past three years has been less than satisfactory. With the current popular Dev star Shaw’s aura, the market is eagerly anticipating whether the future TreasureDao game can form a tacit combination with AI Agent.
