Magic Eden (ME) Rockets Higher: With a 50% Jump and 3,120% Volume Eruption, Can It Hold the Pace?

• Magic Eden has jumped 50% and is now trading at $0.20.
• ME’s daily trading volume has skyrocketed by over 3,120%.

The market spikes 1.39%, pushing the majority of crypto assets into a green wave as it fights back against bearish pressure. With the extreme fear sentiment lingering, the potential bear presence is hanging around. Turning attention toward the altcoins, Magic Eden (ME) has registered a steady 50.90% jump in value over the last 24 hours. 

In the morning hours, the asset traded with the bears at a low of $0.1316. Notably, a gradual rise of the bulls has sent the ME price to a high of $0.2434. To confirm the bullish dominance, key resistance zones between $0.1327 and $0.2423 were broken. Magic Eden currently trades at $0.2005, with its trading volume exploding by over 3120% to $204 million.

With the active bullish momentum of Magic Eden, the price movement is pushing it upward to the resistance at $0.2026. Upon the formation of a golden cross, the bulls could trigger the asset to mount up toward the $0.2047 level or higher. On the support side, assuming the Magic Eden bears are back, the price might face a hit and drop to the $0.1984 support. If a deeper correction on the downside looms, with the death cross emergence, the price would fall below $0.1963. 

Technical Signals Suggest Bulls Are in Control of Magic Eden

Magic Eden’s Moving Average Convergence Divergence (MACD) line is above the signal line, displaying bullish sentiment. Since both are found above the zero line, it confirms that the broader trend is positive. It may continue moving higher unless the momentum weakens.

ME chart (Source: TradingView)

Besides, the Chaikin Money Flow (CMF) indicator stationed at -0.05 shows slight selling pressure. Also, the money outflows are marginally exceeding inflows, but the weakness is mild. The ME market is leaning bearish, without strong conviction, unless the value drops further. 

The Bull-Bear Power (BBP) reading of 0.1275 exhibits ME’s mild bullish pressure. With the positive value, the buyers have a slight edge over the sellers; the momentum is not very strong. If the reading rises further, it may confirm a strengthening uptrend. Moreover, Magic Eden’s daily Relative Strength Index (RSI) is positioned at 87.20 implies that it is heavily overbought. Significantly, the buying pressure is extremely strong, but a pullback or correction could be imminent.

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