$MAGIC , do you really believe this 42% surge was driven by the market on its own? I looked through the order book over the past 24 hours: 433M in trading volume, but the order book was thin as paper. It went from 0.09457 to 0.14444 with hardly any meaningful selling pressure along the way. Does that seem normal? I’m not convinced.
Either someone is snapping up tokens after getting wind of some news, or it’s the same old liquidity mining playbook all over again. I’d looked at the $MAGIC project before, and we all know what the current buzz around blockchain gaming is like. These kinds of explosive rallies are often pushed up by a few large orders, then retail traders FOMO in and get left holding the bag.
The key is whether it can hold above 0.136. If it breaks through the previous high of 0.14444 on strong volume, there might be something to it. But if it pulls back on declining volume, it’s most likely just a one-and-done pump designed to cash out. Either way, I won’t chase it at this level. I’d rather wait for it to fall back near 0.10 and see if there’s any support.
In this market, the more baffling the surge, the more likely someone behind it is counting their money.
Either someone is snapping up tokens after getting wind of some news, or it’s the same old liquidity mining playbook all over again. I’d looked at the $MAGIC project before, and we all know what the current buzz around blockchain gaming is like. These kinds of explosive rallies are often pushed up by a few large orders, then retail traders FOMO in and get left holding the bag.
The key is whether it can hold above 0.136. If it breaks through the previous high of 0.14444 on strong volume, there might be something to it. But if it pulls back on declining volume, it’s most likely just a one-and-done pump designed to cash out. Either way, I won’t chase it at this level. I’d rather wait for it to fall back near 0.10 and see if there’s any support.
In this market, the more baffling the surge, the more likely someone behind it is counting their money.