MAGIC Coin Bounces off Key Toughen Following a Bullish Upsurge 
- The MAGIC coin bounced off the the most valuable $1.4 give a take to to pleasing bigger
- The digital asset had been shopping and selling internal a tight fluctuate between $1.2 and $1.4.
- The MAGIC/USD pair has formed a cup-and-cope with pattern on the everyday charts.
MAGIC token tag prognosis finds the altcoin market has skilled some shopping task pushing the costs from a low of $1.50 to the present shopping and selling tag of 1.65. On the time of writing, the token is up by 3.34% within the final 24 hours whereas its month-to-month tag change is +9.17% and its market cap stands at $94,062,531.
Source: Coinmarketcap
MAGIC token’s tag action on the everyday chart signifies the token opened the everyday shopping and selling charts on a bullish present, hitting an intra-day high of $1.62, earlier than correcting lower at $1.5. The token’s tag then bounced off the the most valuable $1.4 give a take to to open up a rally bigger, and it is miles right this moment shopping and selling above the $1.5 cope with with some bullish momentum.
If the bulls put of living up to damage and maintain above the present resistance stages of $1.5, the MAGIC/USD pair would maybe maybe seemingly appreciate further upwards circulate in direction of its next main resistance level at $1.62. The bulls are right this moment focused on a cross above the $1.62 level to substantiate a solid bullish pattern within the approach-term outlook.
On the plan back, if the bulls fail to withhold above $1.5, then the associated fee would maybe maybe seemingly appreciate some bearish tension and can open up a corrective cross in direction of its fresh lows of $1.4. MAGIC/USD technical prognosis on a everyday chart signifies the token has formed a cup-and-cope with pattern, which is idea to be a bullish signal in technical prognosis. This signifies the token would maybe maybe seemingly further rally bigger within the approach term if the bulls put of living up to withhold above the $1.5 level.
The technicals present the MAGIC token is shopping and selling above the 20-day EMA and 50-day EMA, which is a signal of bullish momentum. The token’s relative strength index (RSI) nonetheless is below 50, which will most doubtless be a signal of bearishness within the approach term.
MAGIC/USD 1-day tag chart:TradingView
The Spirited Common Convergence Divergence (MACD) is below the crimson signal line, which will most doubtless be a signal of bearish momentum within the approach term. A bullish crossover and a cross above the crimson signal line would maybe maybe seemingly present further upside for the token.
The 4-hour chart presentations some merchants are gathering on the $1.50 give a take to level and the bulls are in search of to defend it. A damage above the $1.5 cope with would maybe maybe seemingly appreciate further upside doubtless for the MAGIC tokens within the approach term, whereas a drop below the $1.4 give a take to would maybe maybe seemingly appreciate some bearish tension on the associated fee within the immediate term.
The momentum oscillators are starting up to point out some bullishness on the 4-hour chart as the RSI is starting up to upward push in direction of the 70 ticket, which would maybe maybe seemingly present a pattern reversal within the approach term. The MACD can also be starting up to cross above the crimson signal line, which would maybe maybe seemingly also be a signal of further upside doubtless for the token.
MAGIC/USD 4-hour chart: TradingView
Total, the MAGIC coin has seen a formidable tag surge in fresh hours and evidently the bulls are attempting to withhold above $1.5 in talk in self assurance to push the associated fee bigger. The technical indicators are starting up to point out some bullish momentum, which would maybe maybe seemingly appreciate further upside doubtless for the token within the approach term.
Disclaimer: The views and opinions, to boot to the final data shared on this tag prognosis, are published in correct faith. Readers must cease their very have learn and due diligence. Any action taken by the reader is precisely at their very have chance, Coin Edition and its pals would maybe maybe no longer be held accountable for any train or indirect harm or loss.
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