by Coinstrooper Crypto Articles
Quick Take
  • 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.
  • The platform launched over 35,000 NFT packs, which ripped over $5M in total volume.
  • 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.

What Happened

Competitor 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.

The platform launched over 35,000 NFT packs, which ripped over $5M in total volume.

Market Context

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).

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.

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.

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.”

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.

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.

Why It Matters

The current move above $0.52 reflects a 16% daily gain, hinting that momentum may be shifting in favor of buyers.

Details

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.

Are NFTs Making a Comeback? $500M Added in 7 Days

The 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.

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.

If 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, 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.