MAGIC Coin Price Formed Double-Bottom, Will It Change The Trend?

• The MAGIC coin price has surged by over 30% in a month.
• Its current market price is $0.68844.

The Magic coin price in its initial phase of trading has shown a great surge and given an amazing return to its investors. It has created an all-time high level of $6.32 on February 19, 2022.

Since February 2022, the MAGIC coin price has been in a downtrend and it has declined by over 90% from the high. However, the bulls have tried several times to change the trend in their favor but failed.

The coin price has shown a great decline from the higher level and has formed a lower high and lower low chart formation on the daily chart. It confirms that the coin price has been in a downtrend.

In the Middle of October, the crypto market has shown great strength in the favour of bulls. The coin price has participated well in this rally as the coin price has surged over 30% in a month.

Can Magic Coin Reach the $1 level in 2024?

The MAGIC Coin price has formed a double bottom pattern on the daily chart, which is considered bullish. It is inching towards the $0.9571 level to complete the W-Pattern. 

It has formed the descending triangle pattern also and given a breakout of the same recently. The double bottom pattern formation along with the breakout of the triangle pattern confirms that the bulls have gained momentum.

The Coin has breached the crucial resistance level of $0.59035 and is trading around that. This level will now act as a support for the coin price and along with that the price has formed a double bottom near the level of $0.42605, which will act as major support.

The coin price has faced resistance near the level of $0.7289, and the bulls are continuously challenging the sellers present there. If the coin price closes above this resistance, it can move towards the level of $0.9354.

A Quick Glance at the EMAs and RSI Indicators

The MAGIC Coin price is currently trading above the 50-day exponential moving average but below the 200-day EMA. It is facing resistance from the sellers which are present near the 200-day EMA. 

The relative strength index is curving at 56.11, which is a bullish sign for the coin. However, the slope of the RSI is bending down and it shows that the bulls have lost momentum. 

Conclusion

The MAGIC coin price has shown a great surge from the lower level and it seems like bulls are still looking stronger. In order to move up, the price needs to break the resistance level of $0.7289.

Technical level

Resistance level – $0.7289 and $0.9354

Support level – $0.59035 and $0.42605

Disclaimer

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