MAGIC Price Prediction: Is Magic Going to Continue the Downtrend?

• MAGIC declined by -8.88% in the last month.
• The trading volume of MAGIC rose by +26.40% in the last 24 hours.
• The current trading price of MAGIC is $0.8036 trading with an advance of +1.68% in the last 24 hours.

MAGIC was making higher highs on charts but has recently started to decline by breaking the previous swing low in the 4-hour timeframe. 

In Web 3.0, MAGIC is also known as a cross-game currency that links players, communities, and games.

MAGIC has started to decline from the higher levels after staying in an uptrend for a short span of time and is currently rebounding from the lower levels after a retracement of 50% from the bottom of the chart in the 4H timeframe. If MAGIC continues the momentum we can see a new higher high structure in the upcoming days resulting in a further uptrend and bullish crossover.

There has been a spike of +26.40% in the volume of the MAGIC resulting in $48.27M also the long/short ratio of MAGIC based upon the last 24 hours is 0.8929.

MAGIC Technical Analysis  

EMA

The MAGIC is currently trading below the 50-day Exponential moving average but has crossed the level of the 20-day Exponential moving average which represents the presence of buyers in the market if buyers continue to push the market then MAGIC can result in a bullish crossover of 20,50-day moving average which can further lead to an uptrend.

RSI

Looking at the current market scenario the RSI for MAGIC looks weak as it is trading below the level of 50, but it has also reversed from the level of 30 which represents the presence of buyers in the market and based upon this if RSI breaches level of 50 in the upcoming days then we can get to see a good momentum in MAGIC in the further upcoming days.

Market Structure

The MAGIC is approaching a change in the character of the trend based upon the current chart as it is trading above the previous swing and can create one higher swing if it succeeds to break the current swing high. Another positive factor in the MAGIC is that it is reversing from the 50% level of Fibonacci drawn from the all-time low of MAGIC which can be reliable for the long term in the market.

Conclusion

Hence, by looking at the charts we can see that the MAGIC was rising from the last few days but recently broke down the higher high structure but is currently trying to rebound as the MAGIC has retracted by 50% from its all-time low level.

The RSI has also reversed from the level of 30 and is about to break the level of 50.

The MAGIC can also break the Exponential moving averages in the upcoming days which can lead to a further uptrend hence, based on the current scenario the market looks positive and can make new higher highs if it breaks the level of $0.8440.

Technical Levels

• Support Levels – 0.7758, 0.6991, and 0.6390.
• Resistance Levels – 0.9399 and 1.0640.

Disclaimer

The information provided in this article, including the views and opinions expressed by the author or any individuals mentioned, is intended for informational purposes only. It is important to note that the article does not provide financial or investment advice. Investing or trading in cryptocurrency assets carries inherent risks and can result in financial loss.