$MAGMA is retesting a key supply zone after the latest recovery started losing momentum.
Trading Plan: Short $MAGMA
Entry: 0.229 – 0.240
SL: 0.255
TP1: 0.223
TP2: 0.216
TP3: 0.210
The recent rebound has pushed price back into a resistance area where sellers are beginning to absorb buying pressure. Buyers are struggling to extend the recovery above this zone, leaving liquidity below the recent structure increasingly exposed.
If the supply zone continues to hold and price confirms rejection, the next bearish rotation could drive $MAGMA toward the lower targets before another meaningful reaction.
Manage risk carefully and avoid overleveraging.
DYOR (Do Your Own Research).
Trading Plan: Short $MAGMA
Entry: 0.229 – 0.240
SL: 0.255
TP1: 0.223
TP2: 0.216
TP3: 0.210
The recent rebound has pushed price back into a resistance area where sellers are beginning to absorb buying pressure. Buyers are struggling to extend the recovery above this zone, leaving liquidity below the recent structure increasingly exposed.
If the supply zone continues to hold and price confirms rejection, the next bearish rotation could drive $MAGMA toward the lower targets before another meaningful reaction.
Manage risk carefully and avoid overleveraging.
DYOR (Do Your Own Research).