MAGIC/USDT Technical Analysis

1. Ascending Triangle Breakout:

MAGIC has broken out of the ascending triangle pattern with volume confirmation.

The Ichimoku Cloud indicates strong bullish momentum, supporting the breakout.

2. Buy Zone:

An ideal buy entry point is just above the breakout level around $0.42 to $0.43. This confirms the breakout from the triangle.

3. Take-Profit Targets:

First Take-Profit (TP1): Around $0.55, near the next resistance zone.

Second Take-Profit (TP2): Around $0.70, at the upper resistance area where historical price action has shown selling pressure.

4. Stop-Loss (SL):

Place a stop-loss below the lower boundary of the triangle, around $0.36 to $0.38, to protect against a bullish breakout invalidation.

5. Sell Zone:

If price falls back below the breakout point and closes below $0.40, this could signal a false breakout, leading to selling pressure.

This strategy ensures risk management while taking advantage of potential upside moves.$MAGIC