$MAGMA 5 minutes surged 3.85%—don’t chase this candle
The just-closed 5-minute candle rose 3.85%, with a turnover of 1.455 million USDT, 4.66 times that of the preceding period of equal length.
The sharp short-term rise pulled the price back near the lower edge of the previous range, but the latest fully closed candle remained outside the range, and trading volume expanded significantly. The rebound is showing signs of life, but the gap left by the breakdown has yet to be filled.
The outlook remains weak for now. The price is still below both the fast and slow moving averages, and this sharp rise is not enough to change that assessment. If a subsequent full candle closes back within the range and holds there, that would provide evidence against the view that weakness will continue. If the price falls back below the lower boundary, this rebound will look more like a brief pause in the decline.
Watchlist: lower range boundary 0.29316; upper range boundary 0.30355; closes outside the boundaries and changes in trading volume.
#MarketWatch
Disclosure: This article participates in the Square content mining program and may earn trading commissions and engagement rewards.
The just-closed 5-minute candle rose 3.85%, with a turnover of 1.455 million USDT, 4.66 times that of the preceding period of equal length.
The sharp short-term rise pulled the price back near the lower edge of the previous range, but the latest fully closed candle remained outside the range, and trading volume expanded significantly. The rebound is showing signs of life, but the gap left by the breakdown has yet to be filled.
The outlook remains weak for now. The price is still below both the fast and slow moving averages, and this sharp rise is not enough to change that assessment. If a subsequent full candle closes back within the range and holds there, that would provide evidence against the view that weakness will continue. If the price falls back below the lower boundary, this rebound will look more like a brief pause in the decline.
Watchlist: lower range boundary 0.29316; upper range boundary 0.30355; closes outside the boundaries and changes in trading volume.
#MarketWatch
Disclosure: This article participates in the Square content mining program and may earn trading commissions and engagement rewards.