MAGIC Price Looks Strong Below $2, Can It Tag $2.5?

2 min

MAGIC trades 68 percent below its $6.3 record-breaking peak reached on February 19, 2022. The price has just escaped from an ascending channel suggesting that another strong uptrend could be on the radar. Technical analysis and indicators supported MAGIC’s upside.

MAGIC Price Targets A Return To $2.5

After bouncing off the $0.45 support floor, where the 100-day simple moving average (SMA) and the 200-day SMA converged, the MAGIC price recorded a series of higher highs and higher bottom Line growing a whopping 362 percent to yesterday’s high over $2.13. This price action has led to the appearance of an ascending parallel channel on the daily timeframe.

Growing channels are highly positive  tendency chart formations implying that as long as the price remains within the boundaries of the channel, it may continue growing. A positive  tendency breakout from the parallel channel is attained once the price closes over the channel’s resistance line.

From the chart below, it can be seen that MAGIC escaped from the channel by producing a daily candlestick close over the channel’s upper boundary on Friday. At the time of publication, the gaming t0ken was hovering over the channel at $1.95. 

Increasing burying pressure might propel the MAGIC higher from the present levels with the 1st barrier coming from the $2.0 psychological level. Additional barriers lie at the $2.13 range high and the $2.3i supply area. Beyond that, MAGIC may boost to tag the $2.5 psychological level, representing a 28.54 percent uptick from the present price. 

MAGIC/USD Daily Chart

MAGIC Price Looks Strong Below $2, Can It Tag $2.5?TradingView Chart: MAGIC/USD

Apart from the governing chart pattern, MAGIC’s positive  tendency narrative was supported by the up-facing moving averages. This suggested that the uptrend was strong. Additionally, the Moving Average Intersection Divergence (MACD) indicator continued its upward traction after abandoning a sell signal on Wednesday. This suggested that the market sentiment was still positive.

The Relative Strength Index (RSI) was positioned at 74 in the overbought region. This showed that there was still more room for the upside. 

On the downside, the RSI painted overbought conditions for the price hinting at a possible tendency change. As a result, MAGIC may turn  down from the present levels and below the upper boundary of the channel at $1.88. Such a move would take the price back into the growing channel where it  can potentially remain for several  days.

Increasing selling pressure could force the price to retreat to the lower boundary of the prevailing channel at %1.5 or lower to the $1 psychological level and the SMAs below it. 

Promising Alternatives To MAGIC

Traders seeking to buy MAGIC should wait for the price to boost over the local high at $2.13  before placing their bets. Investors could likewise consider some of the best cryptocurrency presales continuously selected by our dedicated team of specialists to assist you diversify your cryptocurrency portfolio. Such coins are Fight Out (FGHT) and Meta Masters Guild (MEMAG) which are as of now in presale. 

Fight Out is a blockchain-based fitness platform that encourages physical fitness and healthy living between its users. It is a move-to-earn (M2E) platform and bonus users according to their activities. The native crypto token of the network FGHT is on presale and has raised over $3.85 Million since it began. The platform is expected to reward initial investors once the presale stage is over.

Another coin is , Play-to-Earn (P2E) blockchain-based game fitted to disrupt the Web 3.0 mobile gaming space.  The group behind this project has proven that it is possible to develop games that are entertaining, intriguing and work with playable Non-Fungible Token (NFTs). With Meta Masters Guild, players are rewarded for their assets and speculation. There has already been next to $2.71 Million raised during the ongoing MEMAG presale.

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