The MAGIC token price delivers a retracement from the top of $1.30 and hovers near the lower trendline support near $1. The price action showcased an uptrend, and the token prevailed in forming the higher high swings for the past sessions. Apart from the other altcoins, MAGIC was the investors’ favorite and continued to extend the upward move amid market volatility.
The MAGIC token price is near the 100-day EMA mark and is waiting for a rebound to cross the round mark of $1. Despite the uptrend, a double top pattern was noted near the swing mark of $1.30, and a profit booking was witnessed, which led the token price to drop down by 24% in the recent sessions. The technicals disclose neutrality and suggest that the token may recover its gains and continue delivering a bullish performance.
This cryptocurrency’s price was $0.9742 at press time, with an intraday gain of 0.23%, showing a retracement from the highs. Moreover, the trading volume increased by 17.10% to $45.43 Million, highlighting volatility. The pair of MAGIC/BTC was noted at 0.0000243 BTC, while the market cap is $44.44 Million. Analysts are bullish and suggest that the token may persist in accumulating gains and may surpass $1.30 in the upcoming sessions.
MAGIC On Daily Charts Displays Bullish Bias
On the daily charts, MAGIC is trading near the upward trendline support zone of $1, and a fake breakdown candle was witnessed. Despite the weak crypto market this week, the MAGIC price is trying to maintain its legacy and was in green throughout the day, which displays the investors’ interest and the bulls’ strength.
The relative strength index (RSI) curve stayed below the midline, showing a positive divergence, and the token may achieve a rebound soon. Similarly, the MACD indicator shows a bearish crossover and replicating profit booking in the last sessions.
MAGIC On Weekly Charts Reflects Reversal From Demand Zone
On the weekly charts, the MAGIC crypto recovered from the demand zone of $0.4000 and soared over 130% in the past weeks, leading to buyers’ accumulation. Additionally, the technicals indicate a trend reversal after a correction from the highs of $2.
Summary
The MAGIC crypto price is halting gains near $1 and is facing profit booking due to the flimsy global outlook. Amidst the volatile market, the MAGIC price maintained gains decisively and is stretching for a rebound to retain the highs above $1.30 in the following sessions.
Technical Levels
Support Levels: $0.9600 and $0.9400
Resistance Levels: $1.100 and $1.250
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
Source: https://www.thecoinrepublic.com/2024/01/26/magic-price-prediction-will-magic-retain-its-top-above-1-30/