$MAGIC looking bullish!! RSI, MACD, Bounce from Weekly support!!
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Hello everyone,
Let's analyse MAGICUSDT both fundamentally and technically.
FUNDAMENTAL ANALYSIS:
MAGIC is the essential fuel driving the Treasure Metaverse, a decentralized NFT gaming ecosystem powered by Arbitrum, a layer-2 solution on Ethereum. As a cross-game currency, MAGIC bridges various games, players, metaverses, and communities within the Web3 realm.
Beyond its utility, MAGIC is a deflationary ERC-20 token with a capped supply of 347,714,007 coins. This deflationary mechanism can potentially increase its value over time. Additionally, MAGIC holders play a vital role in governing the Treasure ecosystem through voting on key decisions.
TECHNICAL ANALYSIS:
MAGICUSDT is currently trading within a defined channel. After touching the lower support trendline, the price is showing signs of a rebound. A bullish rally towards the upper resistance level is anticipated. If the price falls back to the lower support line, a bullish wick is likely to form.
Technical indicators suggest a bullish bias:
MACD: A bullish crossover is expected on the MACD, indicating a potential uptrend.
RSI: The RSI is approaching the oversold region, suggesting a possible buying opportunity. A bullish crossover is also likely.
Support Levels:
$0.2369
Target Levels:
$0.4415
$0.7502
$1.1523
If you find this analysis helpful, please hit the like button to support my content! Share your thoughts in the comments and feel free to request any specific chart analysis you’d like to see.
Happy Trading!!
In-depth market analysis
Accurate trade setups
Early access to trending altcoins
Life-changing profit potential
Hello everyone,
Let's analyse MAGICUSDT both fundamentally and technically.
FUNDAMENTAL ANALYSIS:
MAGIC is the essential fuel driving the Treasure Metaverse, a decentralized NFT gaming ecosystem powered by Arbitrum, a layer-2 solution on Ethereum. As a cross-game currency, MAGIC bridges various games, players, metaverses, and communities within the Web3 realm.
Beyond its utility, MAGIC is a deflationary ERC-20 token with a capped supply of 347,714,007 coins. This deflationary mechanism can potentially increase its value over time. Additionally, MAGIC holders play a vital role in governing the Treasure ecosystem through voting on key decisions.
TECHNICAL ANALYSIS:
MAGICUSDT is currently trading within a defined channel. After touching the lower support trendline, the price is showing signs of a rebound. A bullish rally towards the upper resistance level is anticipated. If the price falls back to the lower support line, a bullish wick is likely to form.
Technical indicators suggest a bullish bias:
MACD: A bullish crossover is expected on the MACD, indicating a potential uptrend.
RSI: The RSI is approaching the oversold region, suggesting a possible buying opportunity. A bullish crossover is also likely.
Support Levels:
$0.2369
Target Levels:
$0.4415
$0.7502
$1.1523
If you find this analysis helpful, please hit the like button to support my content! Share your thoughts in the comments and feel free to request any specific chart analysis you’d like to see.
Happy Trading!!
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