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- 1 Magic price rebounding from the 20 EMA with a bullish move
- 2 The magic price might give a breakout to Cup with a handle pattern
The market sentiments regarding the upcoming trend are turning bullish where the greed and fear index from site alternative be which measures the market sentiments through various channels is also moving towards greed at point 52. These indicators show the buyer’s support towards MAGIC coins. The current price of magic is $1.86.
The MAGIC price-making cup with a handle pattern
Magic price after breaking out of the 200 EMA took a correction but recently gave a bullish rally of 61% after which it made a drawback of 16% after consolidating for a little while it is making a cup with a handle pattern where the handle is made while taking a correction but as of now, this handle pattern is taking support from the 200 EMA. The market is already giving signs of turning bullish for a while now. This pattern made by MAGIC price almost seems like a confirmation that the trend has turned in the bulls’ favor.
Technical Analysis ( 1 Day timeframe )
The EMA’s are giving extremely bullish signals where the 20 EMA has crossed over all the major key averages giving a golden crossover and the 100 EMA is also crossing over the 200 EMA while the price is diligently taking support from the 20 EMA currently the MAGIC price is rebounding from the 20 EMA which might give a move of 30%
The price is currently taking support from the price level of $1.62 while its second resistance is 26 % above the current level around the price of $2.300. The RSI line is currently trading near the median line at point 56.36 while crossing over the 14 SMA at point 56.93 making an interception and it might soon start moving toward the supply zone moving with the price.
The MACD line is currently trending above the median line while the blue line is trending below the red line moving in accordance with the price action although it might soon start moving upwards intercepting the red line as it tried to do previously but could not succeed.
Conclusion
The MAGIC price is currently moving in a bull trend and as of now, it is giving indications of rebounding from the 20 EMA. As of now, the price is suggesting that it might soon start moving upward as can be confirmed by the price pattern and the RSI indicator.
Technical levels
Support –$1.62
Resistance –$2.300
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
