The price of MAGIC has surged +18.5% and even touched a peak of 0.2981, creating a significant FOMO from the community. However, after the hot increase, the market is showing many signs that need attention.
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📊 Some notable technical signals:
• Price is rising sharply but the basis (futures contract deviation) is negative → indicating that the bullish expectation is not sustainable.
• RSI(12) is hovering around 70 – approaching the overbought zone.
• Open Interest (OI) is increasing significantly while Taker buying pressure is trending down → new money entering is easily forced to liquidate.
• The Long ratio from retail traders has increased significantly → the chasing mentality is prevailing.
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🔍 Price range to watch:
• MAGIC is holding in the range of 0.248–0.252 – if this range breaks, selling pressure may increase.
• If there is a pullback to the range of 0.275–0.285, investors need to watch closely to avoid falling into the 'late peak chasing' scenario.
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🎯 Suggested reference strategy:
• This is not an ideal area to open Long positions, as the risk of being trapped is still high.
• It is advisable to closely monitor price reactions around 0.248 – if support is lost, the possibility of a deeper correction cannot be overlooked.