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.
$MAGIC looks like we could go higher than $2. 👀✨ pic.twitter.com/dwIM3FrqOM
— Orange.smol (💙,🧡) (@OrangeSBS) February 4, 2023
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
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.
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