$MAGIC Up 150%—Is It Still Worth Chasing? The Truth Revealed by Major-Player Data!
Let’s review the market: Funds continue to flow onto the chain. The bullish trend remains intact, but be cautious of a pullback. Looking at the chart, the consecutive large bullish candles earlier established a very strong uptrend. Several subsequent candles had both upper and lower wicks, indicating growing disagreement between bulls and bears at higher levels. As some traders take profits, the market is undergoing a technical correction.
The key resistance level is the recent high of 0.16369. Support can be found in the 0.145–0.150 range.
On-chain data shows that major players are still entering the market. Although the price is fluctuating at elevated levels, they haven’t withdrawn; instead, they continue to add to their positions. Intense short-term trading suggests that a small amount of profit-taking is happening, but it doesn’t affect the overall trend.
The current sideways movement may well be market makers persistently trying to shake out bulls, making retail traders think the price has peaked and prompting them to open short positions, so that more tokens can be accumulated.
Since funds are still flowing in and the broader daily trend remains intact, blindly trying to call a top and shorting carries significant risk. I also advise against chasing the rally blindly: after such a sharp short-term rise, buying at these elevated levels could leave you stuck near a short-term peak. The main strategy is to look for opportunities to buy on a pullback. Once the price retests the 0.150–0.152 area and stabilizes, you could consider opening a long position. If it falls below 0.145, that would signal a weakening short-term trend, so cut losses and wait on the sidelines. A breakout above 0.164 could usher in a new rally.
In summary, MAGIC is at a critical juncture: is its upward momentum fading, or is it refueling for another leg up? On-chain data tells us that major players are still in the market. It’s safer to look for an intraday pullback and find an entry point for a long position. Avoid getting whipsawed by trading back and forth within the consolidation range.
The Plaza has a delay. If you want to track market movements in real time and adjust your risk-management plan, get the latest updates from Lao Qi’s pinned chatroom. 👉#Ledger暂停CryptoBilis销售 $CAP
#CFTC拟将事件合约纳入掉期监管 $RLC
Let’s review the market: Funds continue to flow onto the chain. The bullish trend remains intact, but be cautious of a pullback. Looking at the chart, the consecutive large bullish candles earlier established a very strong uptrend. Several subsequent candles had both upper and lower wicks, indicating growing disagreement between bulls and bears at higher levels. As some traders take profits, the market is undergoing a technical correction.
The key resistance level is the recent high of 0.16369. Support can be found in the 0.145–0.150 range.
On-chain data shows that major players are still entering the market. Although the price is fluctuating at elevated levels, they haven’t withdrawn; instead, they continue to add to their positions. Intense short-term trading suggests that a small amount of profit-taking is happening, but it doesn’t affect the overall trend.
The current sideways movement may well be market makers persistently trying to shake out bulls, making retail traders think the price has peaked and prompting them to open short positions, so that more tokens can be accumulated.
Since funds are still flowing in and the broader daily trend remains intact, blindly trying to call a top and shorting carries significant risk. I also advise against chasing the rally blindly: after such a sharp short-term rise, buying at these elevated levels could leave you stuck near a short-term peak. The main strategy is to look for opportunities to buy on a pullback. Once the price retests the 0.150–0.152 area and stabilizes, you could consider opening a long position. If it falls below 0.145, that would signal a weakening short-term trend, so cut losses and wait on the sidelines. A breakout above 0.164 could usher in a new rally.
In summary, MAGIC is at a critical juncture: is its upward momentum fading, or is it refueling for another leg up? On-chain data tells us that major players are still in the market. It’s safer to look for an intraday pullback and find an entry point for a long position. Avoid getting whipsawed by trading back and forth within the consolidation range.
The Plaza has a delay. If you want to track market movements in real time and adjust your risk-management plan, get the latest updates from Lao Qi’s pinned chatroom. 👉#Ledger暂停CryptoBilis销售 $CAP
#CFTC拟将事件合约纳入掉期监管 $RLC