The MAGIC Coin Sustains Above 50-day EMA, Will Bulls Strike Back?

• The MAGIC coin is currently trading at $0.5668.
• Its price has formed a morning star pattern in the weekly timeframe.

The MAGIC coin future price prediction is bullish as long the price is sustaining above the $0.5235 level from a strong buying has occurred. The MAGIC coin was in a downtrend inside a falling channel and melted down by 67.09%. This fall in price halted at $0.3848 support zone, which denied a further fall as it was a strong support zone.

The MAGIC coin initiated a bull run after the price took support at $0.3848 and has experienced a gain of 34.63% from there. In the way of the bull run it gave the breakout of the falling channel. It grabbed the attention of the investors as the buying volume spiked after the breakout.

However, this bull run was restricted from its further up move at $0.6264, which is making the MAGIC coin price fall from there.

Currently, the magic coin is trading at $0.5668 with a trading volume of $5.845 Million. In the last 24 hours, it has experienced a decline of 2.63% and has a market capitalization of 134,692,599 USD.

Will the Bullish Rally continue?

The MAGIC coin price has recently broken below the 100-day EMA line. However, the current candle forming at press time is a bullish hammer candle above the 50-day EMA line. It shows that the coin price is facing difficulties in closing below the 50-day EMA. The buyers are not giving up the control of the price that easily. 

The relative strength index is at 53.45. The RSI line is on a downward slope after it faces rejection from its 70 level. It may adjust itself by taking support from its 50 levels if the MAGIC coin price starts to move upwards.

The MAGIC Coin Starts to form a Morning Star Pattern

The MAGIC token has formed a morning star pattern at the $0.3848 support in the weekly timeframe. It is a bullish reversal pattern that denotes the buyers are dominating in the bigger timeframe also.

The MAGIC coin is showing signs of a bullish rally in the daily and weekly timeframe. The breakout of the $0.6264 level will trigger the continuation of the bull run and the price may reach its next resistance at $0.7816. If it also breaks above this level, the uptrend will continue to $1.0372. 

The sellers are finding it difficult to regain control of the price. However, the price sustained above the $0.5235 level will make it difficult for bears to take control. 

If the MAGIC coin’s price closes below this level, it can create an opening for the sellers. After that, the price can fall to its next support at $0.3848. For the continuation of this, the breakdown of the $0.3848 is important. Thus, it may fall to its next possible support at $0.2500.

Conclusion

The MAGIC coin future price prediction is bullish in the upcoming trading session. The price is showing signs of a bullish rally in both the timeframe mentioned above. Seasoned analysts believe the ongoing uptrend looks reliable and can reach its $0.7816 level.

Technical levels

Resistance Levels: $0.6264, $0.7816, and $1.0372

Support Levels: $05235, $0.3848, and $0.2500

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing or trading in crypto comes with a risk of financial loss.