After months of dormancy in the digital collectibles sector, the NFT market appears to be making a comeback, led by a sharp rally in Magic Eden’s native token ($ME).
The Magic Eden token surged over 36% in the past 24 hours, climbing from an intraday low of $0.4422 to a high of $0.6019 before stabilizing around $0.5857 at press time.
According to data from CoinGecko, Magic Eden now stands as the second-largest NFT marketplace with a market capitalization of over $97 million, trailing only Blur, which holds around $135 million.
Source: CoingeckoCompetitor projects like MoonBase and Sudoswap have also posted impressive seven-day gains of 41.4% and 25.1%, respectively, showing renewed investor appetite for NFT marketplace tokens.
Are NFTs Making a Comeback? $500M Added in 7 Days
The total NFT market capitalization has now swelled by $500 million in the last seven days, pushing the figure above $5 billion for the first time since August.
Source: CoingeckoThe rise follows weeks of consolidation and a prior liquidation flush earlier in October, which saw ME down sharply before rebounding more than 110% since October 10.
Adding to the optimism, Magic Eden’s official X account recently emphasized its proactive approach to the NFT market revival, stating: “We’re not waiting for ‘NFT szn.’ We’re building it.”
The platform launched over 35,000 NFT packs, which ripped over $5M in total volume.
Analysts believe this recovery could cause a shift in sentiment as NFT traders re-enter the market ahead of potential ecosystem updates and marketplace expansions.
Can Magic Eden $ME Hit $1?
Magic Eden’s ME token is now testing key resistance near the $0.60 zone.
Traders are watching closely to see if the rally can extend toward the $1 mark.
Technical analysis shows the ME/USDT daily chart forming a potential bullish reversal after a prolonged downtrend confined within a descending channel.
The current move above $0.52 reflects a 16% daily gain, hinting that momentum may be shifting in favor of buyers.
Source: X/@Allice_CryptoIf ME can break and close above the upper trendline of the descending channel, it would confirm a breakout and mark the start of a new bullish phase.
The projected target, based on the channel breakout and measured move, is around $0.95, representing an approximate 178% upside from current levels.
However, if the price fails to sustain above $0.50, a retest of lower channel support could occur before any significant rally.
Trading the NFT Comeback With CoinFutures
As the NFT market makes a comeback, traders are rushing to capitalize on volatile price swings, and many prefer futures over spot trading for the leverage advantage.
However, many traders get burned by high-leverage platforms that prioritize liquidations over user success.
But one trusted crypto leverage platform that traders have been trusting lately is CoinFutures, which offers a more trader-friendly alternative.
The platform supports leverage from 1x to 1000x with just $1 minimum trades.
It operates simulated crypto futures for long and short positions, letting you speculate in both directions without owning the underlying assets.
The built-in algorithm tracks crypto prices in real-time, eliminating the need for order books and peer-to-peer trading complications.
CoinFutures supports Bitcoin and top altcoins, including Ethereum, BNB, Solana, and NFT tokens, making it ideal for quick trades on volatile assets.
To start, download the CoinFutures app for Windows, macOS, or Android, then create an account with your email and password.
Once you’ve installed the app, you can fund your account via the wallet icon using BTC, ETH, or SOL
The post Are NFTs Making a Comeback? Magic Eden’s Native Token ME Pumps 36% in 24H, Is $1 Next? appeared first on Cryptonews.
