In this analysis, I will examine the MAGIC coin. This project falls under the category of crypto gaming and is one of the major projects in this field.
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Daily Timeframe: Reaction to Key Resistance In the daily timeframe, the price recorded its main support floor at $0.2983 and was in the Accumulation phase up to $0.4085. With the breakout above this box, an upward movement began towards the $0.7101 area. The volume of this leg was increasing, showing convergence with the trend.
๐ Upon reaching the $0.7101 resistance, the price initiated a corrective phase on its first contact, starting with a short-term correction but then extending into a deeper pullback to $0.4085, and now it is again building a new structure.
๐ As we approach the New Year, the market volume gradually decreases, and personally, in this situation, I prefer to hold fewer positions and wait for the volume to re-enter the market.
๐ฝ If the $0.4085 level breaks, the market momentum will completely reset, and the price will create a new structure for building a new trend. The most important support for MAGIC is the $0.2983 area, which is the historical floor of this coin and a very strong demand zone. Entry of the RSI into the oversell area will increase the likelihood of breaking this resistance.
๐ For a long position, the main trigger for now is $0.7101, and if the price stabilizes above this key area, the next resistance will be $0.9344, which is a minor resistance. The main chart resistance currently is at $1.4473. While not the ATH, it is a very strong supply zone, and the price will need significant bullish momentum to break through this area.
๐งฉ A risky trigger for a long position is $0.4694, where breaking this trigger presents a suitable early long position but raises the risk of the position higher and increases the likelihood of hitting a stop loss.
๐ Final Thoughts
This analysis reflects our opinions and is not financial advice.
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