$MAGMA Analysis:
$MAGMA is playing level to level, struggling to push through the heavy supply area at $0.77014 - $0.78845. Price left an upper rejection wick into resistance and is now moving sideways. Failing to hold this local shelf accelerates a corrective move lower.
Open Interest remains heavy at $17.85M with elevated funding (+0.0159%), leaving over-leveraged longs trapped into resistance and susceptible to a liquidation cascade.
🎯 Entry: $0.76491 (Zone: $0.77014 - $0.78845)
🏆 Targets: TP1 $0.02329 | TP2 $-0.2768751 | TP3 $-0.6971040
🛑 Invalidation: 1D candle close above $0.80371
$MAGMA is playing level to level, struggling to push through the heavy supply area at $0.77014 - $0.78845. Price left an upper rejection wick into resistance and is now moving sideways. Failing to hold this local shelf accelerates a corrective move lower.
Open Interest remains heavy at $17.85M with elevated funding (+0.0159%), leaving over-leveraged longs trapped into resistance and susceptible to a liquidation cascade.
🎯 Entry: $0.76491 (Zone: $0.77014 - $0.78845)
🏆 Targets: TP1 $0.02329 | TP2 $-0.2768751 | TP3 $-0.6971040
🛑 Invalidation: 1D candle close above $0.80371