🚨 $MAGIC SOARED 130%, AND THE CROWD STARTED SHORTING.
Here’s what makes this situation especially interesting.
After rising 130% ahead of its spot listing on BingX, the share of traders who were long fell from 64% to 38%.
But big players are moving in the opposite direction.
📈 82% of whales are long, up from 57% a week ago.
🐋 141 large longs are holding positions worth $8.11 million.
🔴 66 large shorts are holding positions worth $1.75 million.
And funding turned negative right as the listing happened.
The crowd is betting on a drop, while large wallets are mostly staying long.
If upward price pressure continues, short covering could amplify the move.
But after a 130% rally, the risk of a sharp pullback hasn’t gone away either.
$MAGIC —a situation worth watching closely.
Here’s what makes this situation especially interesting.
After rising 130% ahead of its spot listing on BingX, the share of traders who were long fell from 64% to 38%.
But big players are moving in the opposite direction.
📈 82% of whales are long, up from 57% a week ago.
🐋 141 large longs are holding positions worth $8.11 million.
🔴 66 large shorts are holding positions worth $1.75 million.
And funding turned negative right as the listing happened.
The crowd is betting on a drop, while large wallets are mostly staying long.
If upward price pressure continues, short covering could amplify the move.
But after a 130% rally, the risk of a sharp pullback hasn’t gone away either.
$MAGIC —a situation worth watching closely.