When I opened my account at dawn, it was all red. $MAGMA 24 hours dropped 16.33%, hitting a low of 0.20974. The rebound’s pre-drop high of 0.28691 was still hanging overhead, while turnover surged to 86.51 million — a heavy-volume selloff, not a low-volume drift lower.
Key numbers: after breaking below 0.2100, it quickly recovered, leaving a long lower wick, which suggests there was buying support at this level. Put the stop-loss below 0.2097; if it breaks, accept it. On the upside, first see whether 0.2500 can hold, and if it does, then aim for the 0.2750 area. Risking less than 0.10 to potentially make 0.25 in room.
But with volume like this, 340 million shares turning over in a smash-down, we still need another day to see who was selling and who was buying. Is this lower wick really the bottom?
#MAGMA
Key numbers: after breaking below 0.2100, it quickly recovered, leaving a long lower wick, which suggests there was buying support at this level. Put the stop-loss below 0.2097; if it breaks, accept it. On the upside, first see whether 0.2500 can hold, and if it does, then aim for the 0.2750 area. Risking less than 0.10 to potentially make 0.25 in room.
But with volume like this, 340 million shares turning over in a smash-down, we still need another day to see who was selling and who was buying. Is this lower wick really the bottom?
#MAGMA