The performance of Magic Eden (ME) in the virtual currency market is increasingly attracting attention from crypto traders, according to market analyst Crypto.Ronald. Today, ME recorded a massive 40% rise, making it the top-second crypto gainers in the Binance trading platform, as per a revelation disclosed by the analyst.
Magic Eden (ME) is the native cryptocurrency of Magin Eden, a multi-chain non-fungible token (NFT) marketplace that allows people to create, purchase, and sell non-fungible tokens. Since its launch in 2021 on the Solana blockchain, the NFT platform has experienced growth due to its expansion to several other chains. Based on monthly trading volume, Magic Eden is currently the sixth-largest NFT marketplace, following CryptoPunks, Blur, Courtyard, and OpenSea, according to the latest data from DappRaddar.
Based on its notable price pump today, the analyst believes that the NTF cryptocurrency is in the middle of an upcoming bullish breakout.
ME Price and Bullish Pattern
As reported by CoinGecko metrics, ME has been rising over the past few weeks, with today culminating in the highest price level ($0.211) reached to date, at press time. Today, Magic Eden experienced a remarkable rise of 67.3% over the past 24 hours, making it one of the top gainers in the wider crypto market. The asset’s price has also been up 55.3% and 14.5% over the past week and month, respectively, showing its recent massive gains and increased user enthusiasm in its market.
According to the analyst, Magic Eden could still be on the verge of a big price breakout based on its ascending channel formation. Looking at the ME weekly price chart, the crypto token appears actively forming an ascending pattern, showing renewed strength for a greater market rally.
After a period of downtrend noted over the past several months, ME recently entered a bullish mode, setting up the channel, a traditional indicator of sustained uptrend. This technical formation signals that buyers are in strong control, a bullish momentum that keeps attracting more purchasers into the market and continues to sustain the upward trend from short to long-term.
What Drives Magic Eden Market
Recent price increases (showcased above) signal that the ME token has become one of the most targeted NFT coins in the crypto market. The current performance of the ME coin not only attracts crypto investors but also draws interest from NFT traders due to the high demand for the Magic Eden series NFTs. This cross-sector collaboration has created wider market demand for the ME coin and built a strong foundation for future price rise.
Other top-performing NFT coins over the past week (according to CoinGecko data) include Collect on Fanable (COLLECT), Audiera (BEAT), and Non-Playable Coin (NPC), which have been up 52.9%, 39.5%, and 22.9% over the past week, respectively.
