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

Updated: 04 February 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

MAGIC trades 68% below its $6.3 all-time high reached on February 19, 2022. The price has just escaped from an ascending channel suggesting that another strong uptrend may 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 lows rising a whopping 362% to yesterday’s high above $2.13. This price action has led to the appearance of an ascending parallel channel on the daily timeframe.

Rising channels are highly bullish chart formations implying that as long as the price remains within the boundaries of the channel, it may continue rising. A bullish breakout from the parallel channel is attained once the price closes above the channel’s resistance line.

$MAGIC looks like we could go higher than $2. 👀✨ pic.twitter.com/dwIM3FrqOM

— Orange (@OrangeSBS) February 4, 2023

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

Increasing burying pressure could push the MAGIC higher from the current levels with the first 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 rise to tag the $2.5 psychological level, representing a 28.54% uptick from the current price.

MAGIC/USD Daily Chart

MAGIC price Chart — *TradingView Chart: MAGIC/USD*

Apart from the governing chart pattern, MAGIC’s bullish narrative was supported by the up-facing moving averages. This suggested that the uptrend was strong. In addition, the Moving Average Convergence 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 trend change. As such, MAGIC may turn down from the current levels and below the upper boundary of the channel at $1.88. Such a move would take the price back into the rising channel where it could remain for a few 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 rise above the local high at $2.13 before placing their bets. Investors could also consider some of the best crypto presales continuously selected by our dedicated team of experts to help you diversify your crypto portfolio. Such coins are Fight Out (FGHT) and Meta Masters Guild (MEMAG) which are currently in presale.

Fight Out is a blockchain-based fitness platform that encourages physical fitness and healthy living among its users. It is a move-to-earn (M2E) platform and rewards users based on their activities. The native 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 Meta Masters Guild, Play-to-Earn (P2E) blockchain-based game fitted to disrupt the Web3 mobile gaming space. The team behind this project has proven that it is possible to develop games that are entertaining, intriguing and work with playable NFTs. With Meta Masters Guild, players are rewarded for their investments and speculation. There has already been close to $2.71 million raised during the ongoing MEMAG presale.