#MAGIC/USDT Technical Analysis
Ascending Triangle
1. Ascending Triangle Breakout:
MAGIC has successfully broken above the ascending triangle pattern, accompanied by strong volume confirmation. The Ichimoku Cloud indicates robust bullish momentum, reinforcing the validity of the breakout.
2. Buy Zone:
The optimal entry point for buying is slightly above the breakout level, approximately between $0.42 and $0.43. This range confirms the breakout from the triangle pattern.
3. Take-Profit Targets:
First Take-Profit (TP1): Approximately $0.55, close to the next resistance level.
Second Take-Profit (TP2): Around $0.70, at the upper resistance zone where past price movements suggest selling pressure may emerge.
4. Stop-Loss (SL):
Set a stop-loss just below the triangle's lower boundary, in the range of $0.36 to $0.38, to safeguard against any invalidation of the bullish breakout.
5. Sell Zone:
If the price dips back below the breakout point and closes under $0.40, it may indicate a false breakout, which could trigger selling pressure. This approach allows for effective risk management while taking advantage of potential upward momentum.