$MAGIC 📉Technical Analysis & Market Insights🧑💻
Current Price Action🌍
MAGIC/USDT is trading at $0.1442.🐨
The daily chart shows a potential trend reversal with price moving away from the bottom Bollinger Band.
The 1-hour chart suggests a slight pullback after an upward move.
Chart Patterns & Formed Candlestick
Daily Chart: A bullish engulfing pattern indicates potential upward momentum.
Hourly Chart: A retracement is forming after a strong bullish move, suggesting a possible entry point.
Indicators & Trend Analysis⏯️
Bollinger Bands: Price is rebounding from the lower band, signaling a possible continuation upward.
Moving Averages: 📉
Price is approaching the 20-day MA, which could act as resistance.
If broken, it may test the next resistance near $0.1720.
Stochastic RSI: 📉
Daily: Rising towards overbought levels (45.99 & 27.02) – room for more upside.
Hourly: Nearing a crossover down, indicating short-term correction before another upward move.
Trade Setup & Strategy
Bullish Scenario: ✅
Entry: Around $0.1400 - $0.1420 after a small pullback.✅
Target 1: $0.1700 (First resistance)
Target 2: $0.2350 (Major resistance)
Stop-loss: Below $0.1300 to manage risk.
Risk-to-Reward Ratio: 1:3 (Good risk management)
❌Bearish Scenario: ❌
If price fails to hold above $0.1400, it may revisit the $0.1083 support zone.
Trade Duration
Short-term trade: Few hours to 2 days (based on the hourly chart)
Swing trade: 1-2 weeks (if price breaks resistance)
Sentiment & Whale Activity
Market Sentiment: Neutral to Bullish.
Whale Activity: Accumulation at lower levels suggests strong hands entering.
📌 Key Takeaway: Watch for a confirmed breakout above $0.1480 - $0.1500 for a stronger bullish trend.
⚠️ Disclaimer: This is not financial advice. Do your research before trading.
🔥 Trade Smart, Trade Safe! 🚀
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