$MAGIC was 0.1191 when I wrote about it nine hours ago. It is 0.1551 now, another 30.2% on top of a move that had already nearly doubled.
I was wrong to lean on the give-back risk. I said a move that size on 20.6 million dollars of volume could lose half of it quickly. Instead, 24h volume is now 45.7 million, close to 20 times its weekly average, and price sits 2.6% under the 0.1593 weekly high. The two conditions I set, volume holding and price above 0.10, both held easily.
That said, the risk did not go away, it moved higher. RSI is 87.9 on the hourly chart, which is about as stretched as it gets, and BTC only did 0.58% today, so this is MAGIC on its own. When a small coin trades 20 times its normal volume, a lot of those buyers are short-term.
The level I care about now is 0.1191, where my first post was. As long as price stays well above it, the trend is intact. I would rather see a few quiet hours with lower volume above 0.14 than another vertical leg, because that would mean holders are not rushing to sell.
#TreasureDAO #MAGIC
I was wrong to lean on the give-back risk. I said a move that size on 20.6 million dollars of volume could lose half of it quickly. Instead, 24h volume is now 45.7 million, close to 20 times its weekly average, and price sits 2.6% under the 0.1593 weekly high. The two conditions I set, volume holding and price above 0.10, both held easily.
That said, the risk did not go away, it moved higher. RSI is 87.9 on the hourly chart, which is about as stretched as it gets, and BTC only did 0.58% today, so this is MAGIC on its own. When a small coin trades 20 times its normal volume, a lot of those buyers are short-term.
The level I care about now is 0.1191, where my first post was. As long as price stays well above it, the trend is intact. I would rather see a few quiet hours with lower volume above 0.14 than another vertical leg, because that would mean holders are not rushing to sell.
#TreasureDAO #MAGIC