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Magic (MAGIC) Crypto’s Boost Today Proves Recent Bullish Movements Not a Fluke

Posted Friday, December 16, 2022 by
Timothy St. John • 2 min read

The cryptocurrency token Magic (MAGIC) is up 8.38% today to a rate of $0.6823 (MAGIC/USD). It was down by about that much the last time we checked in with it, but it looks like the coin is rebounding and managing to stay on a lot of radars after recent price spikes.

Magic Is Going Places

This is a coin that is showing up on a lot of news feeds right now because of how drastically its price has changed in the last few days. At the end of November, the coin went from experiencing very little movement to beginning a bullish trend. That upward movement continued for several days into the beginning of December.

Remarkably, the price stayed up, achieving a new high for Magic (around $0.55) that the coin had not experienced since the beginning of the previous month. The coin continued upward even further from there, pushing to a price of $0.8604, with some analysts wondering if it would reach $1 before the bull run was done.

That has not happened so far, and the price has settled down a bit from there, but we are still seeing a lot of activity with this coin. During a week when most coins are moving between 1% and 3% from day to day, Magic is vacillating between 6% and 9% each day.

Should You Be Investing?

Potential investors need to know that the recent price increases are much higher than the coin has managed to climb in the past few months. The last time Magic saw a price point of $0.68 was back in the beginning of September. The coin has been much higher than that during the earlier parts of the year as well, but we are seeing price increases and retained gains for Magic right now that have not been seen in a while. That is good news for investors who already had some Magic tokens stored away, but what about those who have not invested yet? Should they start investing?

It is very possible that Magic will not regain the $0.86 rate it had recently, but as it is holding onto a lot of its gains so far, it may not fall much from where it is currently. Investors should be careful about putting too much into Magic at the moment, because the potential for a price increase beyond the $0.8 level is unlikely.

 

 

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