$MAGIC /USDT – Parabolic Rally Fizzles Out, Bearish Setup in Play! 🔻
Current Price: $0.2204 (+11.43%)
Market Recap:
$MAGIC surged to a high of $0.3036 before sharply reversing course. The asset is now in correction mode, printing consecutive strong red candles and breaching key short-term support—indicating a shift in momentum.
Key Levels:
Resistance: $0.2600 – $0.2800
Support: $0.2000 – $0.1860
24H Range: $0.1794 – $0.3036
Short Trade Strategy:
Entry Zone: $0.2230 – $0.2290
Take Profit Targets:
• TP1: $0.2000
• TP2: $0.1860
• TP3: $0.1750
Stop Loss: Above $0.2450
Market Insight:
The breakout attempt has failed, forming a textbook lower high accompanied by rising sell volume—classic signs of a potential trend reversal. Momentum now favors the bears.
Pro Tip:
Wait for a slight retracement to improve risk-reward. Look for bearish continuation patterns or EMA rejections on lower timeframes for added confirmation.