MAGIC Price Prediction: Can $Magic Coin  Ascend To $3 This Year?

• MAGIC Price Prediction underlines downtrend of Magic Coin which is falling since Feb.
• MAGIC Coin experienced a decline of 39.59% in the last 3 Months.

MAGIC Price Prediction highlights the bearish dominance for Magic Coin which led to a fall of almost 70% from its all time high. MAGIC Crypto is trading at $0.845. The Market is up 1.40% in the last 24H. The 24H Volume witnessed a fall of 7.42%. The overall market cap of $MAGIC Token is $183,300,640.

On the 14th June, MAGIC Announced a tactical roguelite deckbuilder game called Kaiju Cards. It is developed by Permadeath Studios, A LA based gaming and entertainment company.

MAGIC Price Prediction: A falling wedge can change the game

According to the daily charts , the prices are in a steady decline since MAGIC Crypto created an all-time high at $2.30. The falling prices have depreciated the token by almost 70%. As the market slips, the price forms a falling wedge pattern which may fetch gains of at least 130%. The price target is the all-time high.

MAGIC Price Prediction represents the rising fear in the market as the prices crawl to its all-time lows. MAGIC Token witnessed a recovery of 40% from its swing low. Although this looks promising, It may not be sufficient to change the trend. The buyers must break the falling wedge while sustaining above $1 to escape the Bears.

A bear flag can continue the decline: Technical Indicators

The 4H chart gives a closer look into the bearish price action. MAGIC coin is getting a pullback and may be preparing for its neg leg down. This can be made out from the market structure where the prices rise while taking support of a trend line. Such patterns are common in a strong downtrend.

Increase in volume highlights the increased participation of the market players. The buyers still have hopes as long as they sustain above the support of $0.796. A breakdown can trigger a fall of almost 25% to its primary support of $0.60. Meanwhile, a Breakout of $1 can push the prices up by 24% to the resistance of $1.28

RSI: The RSI indicator is currently at 48.18 on the 4H. It means the market can be sideways

MACD: The MACD is about to make a bullish crossover. The Histogram highlights the loss of momentum of the sellers. The market is bullish in the short term

200 EMA: As observed, on the 4hr, the price is trading close to 200 EMA (Exponential Moving Average). This represents sideways conditions . It would be wise to wait for the prices to move away from the indicator to establish a trend.

Conclusion:

MAGIC Price Prediction highlights the bearish dominance for Magic Coin which led to a fall of almost 70% from its all time high. The sliding prices are increasing the level of fear in the market. However, a falling wedge pattern may help the Bulls to shift the momentum and push the prices high. The Asset is relatively new which may impact the accuracy of technical analysis due to lack of data. Investors are advised to factor in the fundamentals to make investment decisions.

Technical levels

Support Levels: $0.80- Support 1

    $0.60- Support 2

Current Price: $0.84

Resistance Levels: $1.00 – Resistance 1

          $1.28 – Resistance 2

Disclaimer:

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