technical analysis and trade signal for $MAGIC /USDT, along with three target levels and trade momentum:
Current Price: $0.6932 (up by 23.61% in 24h)
24h High: $0.7300
24h Low: $0.5553
RSI (Relative Strength Index): The RSI is approaching the overbought zone (above 70), which might indicate a short-term pullback. If the RSI starts to decrease, a consolidation or correction could happen.
MACD (Moving Average Convergence Divergence): The MACD is showing bullish momentum with the MACD line above the signal line. However, a possible divergence could suggest weakening momentum.
Support Levels: $0.5553 (24h low), $0.5850
Resistance Levels: $0.7300 (24h high), $0.8000
Volume: Increased trading volume (36.56M MAGIC, 24.23M USDT) indicates that the market is actively participating, supporting the current bullish move.
Trade Momentum
Short-term Momentum: Bullish (but caution is advised as the RSI is nearing overbought territory, suggesting a pullback could occur soon)
Medium-term Momentum: Bullish, as the price is consistently trading above the support levels and volume is high.
Long-term Momentum: Neutral to bullish, depending on the continuation of positive market sentiment in the gaming sector.
Trade Signals with Target Levels
1. Target 1: $0.7300
Entry Point: Buy near $0.6932
Stop Loss: $0.6700 (around 3-4% below current price)
Reasoning: This is a strong resistance level from the 24h high. If the price breaks through, the next target is higher.
2. Target 2: $0.8000
Entry Point: Buy near $0.7100 (if the price consolidates above $0.6932)
Stop Loss: $0.6800
Reasoning: After a potential break above $0.7300, $0.8000 would be the next resistance zone, driven by market optimism in the gaming sector.
3. Target 3: $0.8500
Entry Point: Buy near $0.7400 (if the price shows a strong bullish breakout)
Stop Loss: $0.7100
Reasoning: The next key resistance after $0.8000 is at $0.8500, where profit-taking may occur, but the bullish trend could continue if market sentiment holds.