MAGMA PLUNGES INTO STEEP LOSER TERRITORY 📉⚠️
The
$MAGMA price ripped through the $0.36481 support cluster, snapping the lower order block that held the token for the past week. Volume spiked to $121.6 M, yet the surge was dominated by sell‑side aggression, pushing the candle series into a series of bearish engulfments. Momentum accelerators on the 1‑minute and 5‑minute charts turned sharply negative, confirming that the drop is driven by macro‑asset outflows rather than a fleeting pullback. 📉
With the low now at $0.36300, the market is testing the next liquidity pool near $0.35000. The breach suggests a structural weakening; the previous mid‑range $0.52852 block has been invalidated, erasing the last bullish bias. While a 30‑plus percent plunge could be interpreted as an over‑extended correction, the lack of buying pressure at the $0.36481 floor points toward a deeper re‑pricing phase. ⚠️
If buying interest re‑emerges, the next resistance corridor sits around $0.52852, a zone that previously acted as a strong demand wall. Absent that, the token may continue sliding toward the $0.34000 pocket, where a larger order block resides. 🛑
Levels to monitor:
Watching support around $0.350
Structure suggests resistance near $0.528
Mid range area: $0.460
DYOR
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