📉 Analysis of the drop to the $0.19 region
In the past few hours, MAGIC has sharply declined from the $0.21 range to near $0.19. The main reasons may include:
1. Profit-taking pressure at the resistance area of $0.21–$0.22: After the previous price increase, many investors may have taken profits as the price approached this strong resistance zone.
2. Gradually decreasing trading volume: A decline in trading volume while prices rise indicates a lack of buying power, increasing the likelihood of a price correction.
3. Negative market sentiment: If the overall market shows signs of correction or negative news, this could affect the price of MAGIC.
💰 Current price of MAGIC
Current price: ~$0.2018 USD
24-hour volatility: Decreased by about 5%
24-hour trading volume: ~$39 million USD
Market capitalization: ~$63 million USD
Data source: CoinMarketCap, Binance, CoinGecko
📊 Technical analysis of MAGIC (1-hour & 4-hour timeframes)
Short-term resistance: $0.210 – $0.215
Strong support: $0.190 – $0.195
Exponential Moving Average (EMA):
EMA 20 and EMA 50: The current price is below both EMA lines, indicating a short-term downtrend.
RSI Indicator (14): Around 42, close to the oversold zone, may signal a short-term recovery.
MACD: The MACD line crosses below the signal line, confirming a downtrend.
Overview: Current technical signals indicate that MAGIC is in a short-term downtrend, but there is potential for recovery if it maintains the support level of $0.190.
📈 Futures trading strategy for the next 24 hours
1. Short-term Long strategy
Entry Point: $0.190 – $0.195
Take Profit (TP): $0.205 – $0.210
Stop Loss (SL): $0.185
Recommended Leverage: 3x – 5x
Note: Only execute when there is a confirmation signal of a reversal from technical indicators.
2. Short strategy if the support breaks
Entry Point: Below $0.190
Take Profit (TP): $0.180 – $0.185
Stop Loss (SL): $0.195
Recommended Leverage: 3x – 5x
Note: Only execute when the price clearly breaks the support area of $0.190 with increased trading volume.
🧠 Market sentiment and whale activity
Trading volume has slightly decreased over the past 24 hours, indicating caution from investors.
No clear signs of significant buying or selling activity from large wallet addresses (whales) recently.
⚠️ Important note
The MAGIC market is volatile; investors should be cautious with high leverage and set appropriate stop-loss levels to manage risk.
Closely monitor announcements from exchanges regarding maintenance or changes related to MAGIC trading to avoid unwanted risks.