The Magic Eden Coin (ME) price may be ready for a big rally after rising over 22% in the last 24 hours. However, some community members are pointing out issues that may affect the long-term growth of the Magic Eden ecosystem.
Magic Eden Coin Price Eyes a Major Rally
The Magic Eden token has become one of the most popular and top-performing cryptocurrencies on Coinmarketcap. This rating is because it increased by over 22%, reaching a high of $2.10 from a low of $1.51. At the moment, it is trading for $1.87.
Despite this recent surge, the token has not recovered from the price drop over the past month. It fell by 33.20% last month and is down 86.43% from its all-time high of $13.24, recorded on December 10, 2024, just two months ago.
However, a possible bullish rally is forming around the $ME coin, as crypto analysts see a key breakout from a descending channel on higher timeframes.
An educational platform, CryptoBull_360 on X (formerly Twitter), indicates a significant breakout. The price is now testing important resistance levels. If the $ME token can stay above this area, it may lead to a strong upward movement and higher prices.
Another analyst (@Cryptokartha) also noted the breakout, stating that it has already been confirmed. Their analysis predicts a 126% increase, with price targets around $3.80. CryptoBull_360’s chart suggests an even higher target of $4.20+, representing a gain of over 150% from the breakout point.
The focus now is whether $ME can remain above the breakout area. Experts believe that holding above this zone would strengthen bullish sentiment and confirm the breakout, making a continued increase more likely.
However, if it does not maintain these levels, the price might test lower support again, which could trap early buyers.
Magic Eden (ME) Faces Criticism and Market Decline
This sharp decline in sentiment contrasts with the positive outlook seen in recent technical analyses. It reveals a growing gap between what traders are speculating about and what investors feel.
The most notable part of the post is a chart showing $ME trading at $1.43, which is down 91.60% from its peak. This drop indicates that, despite some short-term improvements, the cryptocurrency asset has experienced a significant decline over the long term, leading to a loss of investor confidence.
The tweet suggests that hype and price increases may still happen, but they lack transparency and sustainability, making it hard to justify long-term investments.
Key issues include ongoing user interface bugs, staking problems, and quests that don’t track correctly. These issues force users to file support tickets repeatedly for essential functions.
Additionally, @Necro_Void claims on X (formerly Twitter) that attempts to address these concerns are met with hostility from the community, making it feel more like a “toxic echo chamber” than a place for constructive discussion.
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