In this work, we study a model of a one-dimensional magnetic metamaterial formed by a discrete array of nonlinear resonators. We focus on periodic and localized traveling waves of the model, in the presence of loss and an external drive. Employing a Melnikov analysis we study the existence and persistence of such traveling waves, and study their linear stability. We show that, under certain conditions, the presence of dissipation and/or driving may stabilize or destabilize the solutions. Our analytical results are found to be in good agreement with direct numerical computations.