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- 1 The current price of Magic is trading at $1.38 with an incline of 6.49% during the intraday trading session.
- 2 The MAGIC/BTC pair is trading at 0.00004508 BTC with an increase of 4.70% in the last 24 hours.
- 3 The MAGIC is lagging behind 20 and 50 days of EMA and is above the 100-day DMA.
The MAGIC is gaining an upward momentum beating the bearish trend. The bears have tried hard to bring the downward trend but the bulls are getting them closer to their desired targets. This upward momentum has brought a wave of happiness among investors. They are watching for the upward momentum the token is approaching.
The price of Magic is currently at $1.38, having increased by 6.49% during the intraday trading session. The MAGIC/BTC pair is trading at 0.00004508 BTC and has increased by 4.70% over the last 24 hours. The primary resistance is $1.94.
If the bullish trend continues, the price can climb up to the secondary resistance, which is at a price of around $2.12. The price of the MAGIC has reached the resistance and is reversing; buying is weakening. And if bears continued to lessen the price even more, it could reach the primary support level of $1.06 and, if the downward trend continues, it could reach the secondary support around $0.46.
It will be difficult for the bears to manipulate the MAGIC market as the token is following the bullish trend. If the price drops to the secondary support, the bulls will suffer a significant loss.
The bulls and bears are currently engaged in a fierce battle, as seen on the daily price chart. Over the past 24 hours, the coin’s volume has increased by 46.7%. The volume-to-market cap ratio is 0.2679. The increase in volume indicates a decrease in selling pressure.
Technical Analysis of MAGIC
The technical indicator shows the Relative Strength Index in an oversold zone and seems to be returning from the neutral zone. The current RSI is 48.42 and the average RSI is 45.14. The MAGIC is lagging behind 20 and 50 days of the Exponential Moving Average and is above the 100-day Daily Moving Average. The MACD and MACD signal have intersected giving a positive crossover. However, the bearish trend is falling short of the investors’ expectations. MAGIC investors are eagerly waiting for a move for the betterment of the coin.
Conclusion
The price of Magic is showing a bullish trend, with a current price of $1.38 and an increase of 6.49% during intraday trading. The token is lagging behind its 20 and 50-day EMAs but is above the 100-day DMA. Technical indicators suggest a positive crossover, with an increase in volume indicating a decrease in selling pressure
Technical Levels
Support Levels: $1.06 and $0.46
Resistance Levels: $1.94 and $2.12
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
