MAGIC Price Analysis: Magic price breaking out of the Cup?

• 1 Magic value rebounding from nan 20 EMA pinch a bullish move
• 2 The magic value mightiness springiness a breakout to Cup pinch a grip pattern

The marketplace sentiments regarding nan upcoming inclination are turning bullish wherever nan greed and fearfulness scale from tract replacement beryllium which measures nan marketplace sentiments done various channels is besides moving towards greed astatine constituent 52. These indicators show nan buyer’s support towards MAGIC coins. The existent value of magic is $1.86.

The MAGIC price-making cup pinch a grip pattern

Source:  MAGIC/USDT by TradingView 

Magic value aft breaking retired of nan 200 EMA took a correction but precocious gave a bullish rally of 61% aft which it made a drawback of 16% aft consolidating for a small while it is making a cup pinch a grip shape wherever nan grip is made while taking a correction but arsenic of now, this grip shape is taking support from nan 200 EMA. The marketplace is already giving signs of turning bullish for a while now. This shape made by MAGIC value almost seems for illustration a confirmation that nan inclination has turned successful nan bulls’ favor.

Technical Analysis ( 1 Day timeframe )

Source:  MAGIC/USDT by TradingView 

The EMA’s are giving highly bullish signals wherever nan 20 EMA has crossed complete each nan awesome cardinal averages giving a aureate crossover and nan 100 EMA is besides crossing complete nan 200 EMA while nan value is diligently taking support from nan 20 EMA presently nan MAGIC value is rebounding from nan 20 EMA which mightiness springiness a move of 30%

The value is presently taking support from nan value level of $1.62 while its 2nd guidance is 26 % supra nan existent level astir nan value of $2.300. The RSI statement is presently trading adjacent nan median statement astatine constituent 56.36 while crossing complete nan 14 SMA astatine constituent 56.93 making an interception and it mightiness soon commencement moving toward nan proviso area moving pinch nan price.

The MACD statement is presently trending supra nan median statement while nan bluish statement is trending beneath nan reddish statement moving successful accordance pinch nan value action though it mightiness soon commencement moving upwards intercepting nan reddish statement arsenic it tried to do antecedently but could not succeed.

Conclusion

The MAGIC value is presently moving successful a bull inclination and arsenic of now, it is giving indications of rebounding from nan 20 EMA. As of now, nan value is suggesting that it mightiness soon commencement moving upward arsenic tin beryllium confirmed by nan value shape and nan RSI indicator.

Technical levels

Support –$1.62

Resistance –$2.300

Disclaimer

The views and opinions stated by nan author, aliases immoderate group named successful this article, are for informational purposes only, and they do not found financial, investment, aliases different advice. Investing successful aliases trading crypto assets comes pinch a consequence of financial loss.