MAGIC Price Analysis: Will the MAGIC price make take a rebound?

The price of the MAGIC token is presently taking support from the price of $1.1000 level on the daily timeframe. Sentiments of the Investors regarding MAGIC price have been trading in the greed zone for the past couple of months though as of now it is trading near an important support zone. If the price gains buyers’ support near the current price level it can make a bullish reversal of 45% within the next couple of weeks.

Since taking rejection from the $2.5000 price point the MAGIC token has taken a sharp downturn of 54%; making a descending triangle pattern. The price has been trading under a narrow consolidation for the past few days. If the MAGIC price succeeds in breaking the consolidation it can make a 44% rally within the upcoming month. Investors may wait for a reversal from the support zone before making a decision.

MAGIC price trading within a descending channel

The price of MAGIC is currently trading within a descending triangle on the daily timeframe. At present it is consolidating within a narrow consolidation above the 200 EMA. The price presently is at a crucial stage which can decide the future trend of the MAGIC price in the upcoming future. The Ocilators are moving in support of a bull trend near the oversold levels. The price of MAGIC is also trading near the 200 Simple Moving Average which increases the probability of a bullish attempt.

Technical Analysis of MAGIC Analysis

The RSI line is currently consolidating near the 200 EMA around 30 RSI points. The current value of the RSI line is 36.78 points and it is taking resistance from 14 SMA around 39.01 points. The RSI line is taking resistance from the 14 SMA as it is trading near the oversold levels it may make an attempt to make a bullish crossover.

At present, the nearest support level for the MAGIC price is around  $1.0500 whereas the recent resistance point for the price of the MAGIC token is near $1.3000  and its critical resistance is at $1.4000

The stochastic RSI is presently following the RSI’s lead. It is consolidating near extreme oversold levels with the RSI line. The %K and %D lines are trading intertwined with each other below 20 points. The Stochastic oscillator is indicating a bullish reversal for the near future.

Conclusion

According to the analysis, The MAGIC price is trading at a crucial level however the price has a major support level in the form of 200 MA and EMA. If the price gains buyers support it can gain 44% in the next few weeks.

Technical levels –

Support – $1.0500 

Resistance – $1.4000

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.

Ritika Sharma

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.