MAGIC/USDT
DYOR
the current price of MAGIC/USDT is $0.5511, showing a +9.24% increase.
Trade settings
1. Set a Target Price:
Use resistance levels like $0.5589 (current 24h high) as your short-term target.
If you're aiming for a higher profit, analyze higher resistance levels from the chart.
2. Risk Management:
Place a stop-loss just below recent support levels, such as $0.5013 (24h low).
Only risk a small portion of your capital (e.g., 1-2% per trade).
3. Entry Points:
Wait for a minor pullback before entering the trade to avoid buying at a peak.
Look for re-entry near the moving averages (e.g., MA(25) at ~$0.5321) if prices dip.
4. Monitor Volume:๐
Increased volume indicates strong momentum. Continue monitoring for signs of exhaustion.
5. Short-Term or Long-Term Strategy:
Short-Term: Take profits near resistance levels and re-evaluate based on market conditions.
Long-Term: Check the 90-day and 180-day trends showing significant gains (+58.61% and +58.97%).
Precautions๐ง๐
1. Trend Confirmation:
The chart suggests an uptrend as the price has crossed key moving averages (MA(7), MA(25), MA(99)). Confirm this trend with additional tools like RSI or MACD.
2. Watch News:๐ง๐
Headlines like "Treasure DAO Proposes Acquisition of Ryu Technologies" might have influenced the price. Stay updated on news for further movement.
3. Market Sentiment:๐
Analyze the "Community" tab or social media for sentiment indicators.
4. Exit Strategy:
Be disciplined about exiting when targets are met or if prices break below support.
5. Avoid FOMO:๐จ
Don't chase the price if itโs moving too fast. Stick to your predefined strategy.
