MAGIC is attempting a breakout from its long-term descending channel pattern.
Analysis:
RSI shows momentum building from oversold levels
Multiple VWAP indicators suggest institutional accumulation
Risk Factors:
Breakout needs volume confirmation
Failure at resistance could lead to retest of $0.20 support
Overall crypto market conditions remain influential
This setup offers attractive risk-to-reward if the breakout is confirmed by volume.
Analysis:
RSI shows momentum building from oversold levels
Multiple VWAP indicators suggest institutional accumulation
Risk Factors:
Breakout needs volume confirmation
Failure at resistance could lead to retest of $0.20 support
Overall crypto market conditions remain influential
This setup offers attractive risk-to-reward if the breakout is confirmed by volume.
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Find top crypto tokens with sector indices, AI-powered sentiment analysis & news summaries.
tokenradar.ai/tv
tokenradar.ai/tv
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.