$MAGIC is up 11.13% at 0.12423, while BTC is up just 0.19% and ETH 0.23%. On Gate Perpetual, the 24-hour high is 0.13286 and the low is 0.09231, for a swing of about 44%. 24-hour trading volume is around 38.35 million U.
Price action: Yesterday at 15:00, around 18.7 million U in one hour drove the price down from 0.1595 to 0.095. It then hovered around 0.10. At 08:00 today, it dipped to the daily low of 0.09231. The rebound began at noon; at 13:00, around 2.96 million U pushed it above 0.11, and by 15:00 it had cleared 0.124. At 16:00, around 4.59 million U drove it to the daily high of 0.13286. At 17:00, it pulled back to 0.1214. It is now hovering around 0.1245. Trading volume at 18:00 was down to just 2.08 million U, and 19:00 has only just begun.
Why: This move is a rebound from the lows created by the sell-off. Volume has been tapering off since 16:00, and the price has failed to hold above 0.133. The funding rate is +0.0069% (8h), so longs are not particularly crowded. But there was little support below yesterday's big bearish candle, so a fast rise could just as easily be followed by a fast pullback.
Conclusion: 0.1329 is the upper boundary. Don't chase longs unless the price breaks above it on strong volume and holds. A light long position could be considered on a pullback to 0.1215–0.122, with a stop-loss at 0.1195 and an initial target of 0.1329. If it falls below 0.1195, don't go long; watch 0.11 and 0.0923.
Price action: Yesterday at 15:00, around 18.7 million U in one hour drove the price down from 0.1595 to 0.095. It then hovered around 0.10. At 08:00 today, it dipped to the daily low of 0.09231. The rebound began at noon; at 13:00, around 2.96 million U pushed it above 0.11, and by 15:00 it had cleared 0.124. At 16:00, around 4.59 million U drove it to the daily high of 0.13286. At 17:00, it pulled back to 0.1214. It is now hovering around 0.1245. Trading volume at 18:00 was down to just 2.08 million U, and 19:00 has only just begun.
Why: This move is a rebound from the lows created by the sell-off. Volume has been tapering off since 16:00, and the price has failed to hold above 0.133. The funding rate is +0.0069% (8h), so longs are not particularly crowded. But there was little support below yesterday's big bearish candle, so a fast rise could just as easily be followed by a fast pullback.
Conclusion: 0.1329 is the upper boundary. Don't chase longs unless the price breaks above it on strong volume and holds. A light long position could be considered on a pullback to 0.1215–0.122, with a stop-loss at 0.1195 and an initial target of 0.1329. If it falls below 0.1195, don't go long; watch 0.11 and 0.0923.