MAGIC is trading around the $0.076 mark following the recovery of the $0.068 level and the price is within a small weekly consolidation range.
The current session is still limited by the upside attempt by the resistance at $0.07882 and the intraday high at $0.0811.
Any break to below $0.068 returns attention to the range of $0.05, whereas, any type of holding supports a continuation of the range.
MAGIC was up in the most recent session, a short-term reversal following the protracted weekly fall. Data from the weekly chart shows price stabilizing near prior reaction zones, following a prolonged move lower from earlier highs. The asset was trading around $0.07616, marking a 10.6% increase on the day, while remaining inside a narrow intraday range. This price behavior places current action within a clearly defined technical structure, as shown on the MAGIC/USDT chart from Binance.
Weekly Structure and Price Behavior
Notably, the weekly chart indicates a dramatic rejection at the level of the $0.3168, which was followed by a strong trend of lower highs. This dropped to a visible low of approximately $0.0447 that stopped the drop in price. Following that low, the candles became tight and volatility became low, which is a sign of stabilization as opposed to continuation.
https://twitter.com/GVRCALLS/status/2023621315081760898?s=20
Recent candles however record a slight positive movement with the price currently swinging between the price of $0.05 and $0.075. This region is congruent with the area of consolidation in the chart, in which buyers and sellers once shared the power. The price is still below the previous breakdown levels and structure is technically restrained. As this structure develops, the chart transitions into a range-focused phase. That shift sets the stage for nearby support and resistance to guide near-term movement.
Key Levels Defining Current Trading Range
Support currently stands at $0.06839, closely matching recent weekly closes and intraday reactions. This level also sits above the prior weekly low, reinforcing its relevance. Any attempt to lose this area redirects attention back to the $0.05 area indicated on the chart.
On the upside, resistance is at $0.07882 which represents the top limit of the current 24-hours range. Price also was at a high of 24 hours at 0.0811, which was the maximum improvement of recent gains. It is these levels that create a tight ceiling over existing prices. Volume data supports this range-bound behavior, as recent activity remains moderate compared with earlier distribution phases. This balance keeps price movements contained.
Near-Term Scenarios Based on Chart Data
In a bullish intraday scenario, holding above $0.06839 allows price to retest $0.07882. A move above $0.0811 would extend today’s range. This outcome keeps price within the broader $0.05–$0.075 reversal zone shown on the chart.
Conversely, a bearish scenario develops if price slips below $0.06839. That move would expose the lower consolidation area, with $0.05 acting as the next visible downside reference. This scenario reflects continuation within the existing weekly structure rather than expansion. Together, these scenarios frame today’s price action strictly around defined chart levels and observed market data.
