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MAGIC / TetherUS

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MAGICUSDT trade ideas

MAGIC: Current Market Conditions and Key Levels✨ Welcome to my channel. Here, we analyze a new crypto project or Forex pair every day. 📅 Let's dive into today's analysis, focusing on the MAGIC coin in the crypto market. 🗂 About the Project: MAGIC is a cryptocurrency often associated with a broader ecosystem of blockchain and decentralized finance projects. It's known for its applications and utilities within certain networks, aiming to provide value and functionality within its ecosystem. 📊 Weekly Timeframe Analysis In the weekly timeframe, MAGIC has experienced significant downward pressure. After peaking around the resistance levels, the price has declined sharply and is currently testing key support levels. The major resistance levels are seen at 1.4576 and 0.8891, while the crucial support levels are around 0.4476 and 0.3999. 📈 If MAGIC stabilizes above 0.4476, we may see a bullish momentum building up towards the resistance levels of 0.8891 and potentially 1.4576. Confirmation of this trend will depend on the price holding above these key levels. 📉 Conversely, if MAGIC fails to hold above 0.3999, it could signal a continuation of the bearish trend, with the next significant support level around 0.2475. Volume analysis indicates that there has been significant selling pressure, which needs to decrease for a potential reversal. 📊 Daily Timeframe Analysis On the daily chart, MAGIC has been struggling below the 0.4364 level, showing a consistent downtrend. There is a noticeable bearish momentum, and the price has found temporary support at 0.3999. 🧲 Given the current setup, a stabilization below 0.3999 could indicate further bearish movements, potentially down to 0.2475. However, if the price moves above 0.4364, it could indicate the start of a bullish recovery, targeting higher resistance levels like 0.5634 and 0.6654. 📊 RSI Oscillator The RSI is currently showing oversold conditions, indicating a possible opportunity for a short-term rebound. The RSI levels range between 34.34 and 29.13 across the different timeframes. A breakout from these levels could provide confirmation for opening positions. 📉 Given the current bearish signals in both the weekly and daily timeframes, alongside oversold conditions on the RSI, it is advisable to proceed with caution. However, this is based on my trading strategy. Each trader should base their decisions on their strategies and risk management plans. ⚠️ Please note that this is not financial advice. I'm simply introducing this project to you, and remember always to do your own research. 🫶 If you found this analysis helpful and want to support me, please boost this analysis. Feel free to leave a comment or suggest a coin you'd like me to analyze next.
by itsparham96
Is #MAGIC About to Skyrocket? Key Demand Zone ApproachingYello, Paradisers! Are you ready for the next big move in #MAGIC? Let's dive into the latest analysis of the #Treasure and find out what will happen next: 💎#MAGIC is currently trading in a descending channel, but the price is approaching a key demand zone, setting the stage for a possible bullish breakout. 💎Right now, #Treasure is adhering to a descending resistance pattern. However, it's now on the verge of breaking out, especially if it taps into the critical demand level of $0.464. Should the price maintain strong momentum here, we could see #MAGICUSDT breaking through the descending resistance and targeting the major supply area at $0.94. 💎A successful breach above this supply area could lead to a significant bullish move, pushing the price towards a strong resistance zone. 💎On the other hand, if #MAGICUSDT loses momentum and faces rejection at the supply area, we may see a bullish rebound from the lower strong support at $0.39-$0.43. 💎However, falling below this level could signal a prolonged bearish trend, and OMXTSE:MAGIC will keep moving within a descending channel. Stay focused, patient, and disciplined, Paradisers! MyCryptoParadise iFeel the success🌴
Long
by MyCryptoParadise_Simon
#Magic 1D chartOMXTSE:MAGIC 1D chart; The first thing that catches our eye is that the price is back to the December 2022 level where it was listed The highest level it has ever seen is 5x It is currently in the bargain zone and it is possible to say that the price is working strongly at the lowest support level of $0.4142 As long as it does not lose this place, there does not seem to be a problem. After the squeeze with the falling trend lines, it is possible to see a sharp upward movement if the market allows. In the short term, $ 1 can be considered as the first target.
Long
by ugurtash
MAGIC returns to be madeOn the above daily chart price action has corrected 80%. A number of reasons now exist to be long, including: 1) Price action and RSI resistance breakouts. 2) Support and resistance. Look left. See where price action is now testing for support? 3) The bull flag breakout + back test. The flagpole measures a 300% return. Is it possible for price action to correct further? Sure. Is it probable? No. Ww Type: Trade Risk: <6% Timeframe for long: Hours, yes you read that correct. Return: 300%
Long
by without_worries
38
15% correction MAGIC ?The price action around the 0.67 cents level seems to be weakening, indicating a possible break of this support area. This could lead to a correction to the level of 0.57 cents, representing a 15% decline. And if the downtrend line is broken, this analysis was inconclusive and you can wait for a buy position to enter. This analysis is based on technical indicators and price patterns and should not be considered as financial advice. Please do your research and consult with a financial advisor before making any investment decisions.
by Crypto-Oracle1
MAGIC/USDT is need to bounce and break the resistance for upward💎 The recent market dynamics surrounding #MAGIC have indeed been quite notable. Presently, MAGIC has bounced from the support level area, but there's a possibility it may undergo another round of testing at the support. 💎 For MAGIC to regain bullish momentum, it needs to successfully bounce and breach the resistance level around $0.95. 💎 Should MAGIC manage to bounce effectively and break above the resistance, it could pave the way for further upward movement, potentially leading to a test of our target strong resistance area. 💎 Conversely, if MAGIC fails to bounce convincingly from the support, it could signal bearish sentiment. In such a scenario, the price may break below support and continue its downward trajectory, potentially reaching lower levels. MyCryptoParadise iFeel the success🌴
by MyCryptoParadise
1
MAGIC/USDT it requires to bounce and break the resistance!💎 Paradisers, #MAGIC has recently undergone notable market dynamics. Currently situated at a critical support area, #MAGIC awaits validation through a bounce, which could set the stage for a breakout above the key resistance level at 1.195. 💎 Breaking above this resistance is pivotal for the next phase of the movement. If #MAGIC successfully breaches the resistance, it could signal further upward momentum, potentially leading to a retest of stronger resistance zones. 💎 However, should #MAGIC fail to break above the resistance, it may retreat to the support area to gather momentum for another attempt. 💎 If #MAGIC breaks below the support area, it would likely confirm a bearish sentiment, especially considering its prior breach of the ascending support trendline. Such a breakdown could lead to sustained downward movement, potentially testing lower support levels.
by MyCryptoParadise