MAGIC in the Middle of a Strong Bull RunMAGIC is currently experiencing one of the strongest bull runs in the whole market. Let's see why!
What is MAGIC? MAGIC is a utility token used as a cross-game currency to connect gaming communities in the Treasure Metaverse, a decentralized NFT ecosystem on Ethereum's Layer 2 scaling solution. It launched in September 2021 and serves as a reserve currency for the metaverse. Players can earn MAGIC tokens through gaming, mining, and participating in Treasure's games, including Bridgeworld, Beacon, and Realm.
MAGIC's Crash and Recovery
Unfortunately, like many other cryptocurrencies, MAGIC had a terrible year in 2022. It lost almost 97% of its value, which was one of the worst declines in the industry.
However, after the November market crash, MAGIC's price began to turn around and slowly started a bull run. From November 2022 until the February 17, 2023, the token gained over 1,000%, which is one of the biggest rallies seen for a top 100 market cap coin. Despite this rally, the coin is still 65% below its all-time high, which was reached in February 2022.
MAGIC Respects its Support and Resistance Levels
One interesting feature of MAGIC is that it is one of the few altcoins that actually respects its support and resistance levels. Most altcoins go right through their previously established zones. However, MAGIC is different in this regard and is more likely to bounce off them. This means that technical analysis can be more reliable when trading this cryptocurrency.
MAGIC's Current Price Action
MAGIC has recently bounced off of the $1.00 support and is currently heading toward its current resistance at $2.25. If the price breaks above this level, it will probably head towards the next resistance at $3.50.
Bottom Line: While MAGIC experienced a rough year in 2022, it has since shown signs of recovery and is currently in the midst of a significant bull run. Its unique feature of respecting its support and resistance levels may make it an interesting choice for technical traders.
Cryptocurrrency
Im going for a short position hereThe price is currently at $1606 and if the price moves from this point towards the DOWNSIDE then there will be more LONG positions compared to SHORTS that are at the risk of getting liquidated. The current value of Cumulative Delta is above +5B. This also represents the social sentiment that more BUY orders are placed currently.
Read this chart carefully as these are one of the most important levels for any price movement.
Hashflow token (HFT) formed a bullish BAT for upto 37.50% pumpHi dear friends, hope you are well and welcome to the new update on Hashflow token ( HFT ) with US Dollar pair.
On a 4-hr time frame, HFT has formed a bullish BAT pattern.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade
SandBox ($SAND) : Bullish Pattern development in long term?Hello everyone!
If we look at $SAND in a medium-long term, we cannot rule out a big picture as shown on weekly chart. The big signal of Price Action will be the Neckline achievement (shown on chart as wave IV retest) of a large "Head & Shoulders". Working on daily time frame, I found some interesting resistance levels, useful for evaluating the strength of the trend, step by step.
I came up with this idea thanks to our last trade on Sandbox, which developed a potential bullish impulse structure.
(Click and Play on Chart below)
If there are conditions, I will update this idea below.
...trade with care! 👍
Cheers!
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BTCUSDT IMPORTANT UPDATE 🚨BITCOIN PUMP IS COMING! BUT DONT FALL FOR IT.
We are currently forming an inverse head and shoulders pattern on bitcoin, confirmation will happen once we see a rejection off of the neckline which is at the price of $25000. We will see a pullback down to the green horizontal order-block, then pump until $30,000 which is a very important resistance. It would be hard for us to break it, it will take a lot of time, and we need a lot of liquidity to do so. I'm expecting the first retest there will be a large rejection. Might take us to the monthly level of support at the price of $12,500.
XRP/USD Pheonix Formed By All Time Chart, Coincidence? Probably.As RippleLabs and the SEC finish up a battle over whether Ripple sold unregistered securities, news is coming out putting XRP and RippleLabs in a positive light regarding the case. Meanwhile XRP is still being adopted globally while RippeLabs hires more people.
In contrast, generally negative news about overleveraged crypto positions by exchanges, the minting scandal at tether being reported, inflation numbers, the recent market downturn, and liquidity being scarce all seem to have a favorable outcome.
So while crypto burns, XRP appears to follow the XRP Army march that XRP is a crypto being reborn from the downfall of the rest of cryptocurrencies into a well regulated market, XRP as the example. I believe in XRP already, there is plenty of reasons with proof, but this salient impression that the chart actually forms a rough pheonix is making it hard to not believe great things are coming for Ripple and XRP. Maybe the XRP Army will get "all the money"
BTC ANALYSIS#BTC UPDATE.
#BTC is currently testing orange box resistance box area,a close above this would take btc to 20k level,however rejection from here would take btc again to red box support area.
TLM is Primed! This is the time to stock up while its still lowTLM has been known for some big moves. It used to be $7 at one time. If you belive that BTC will return to the 60k all time high this is a hold because this should also return to hits prior highs and beyond if BTC reaches that magical 100k number people think it will this time.
As you can see (Zoom in) the ribbon cable only needs a very tine push in price to go over it. Its at the best price your going to get going foward. It's broken all prior downtrends and is fresh for the next run. You can double your money if this goes to 0.06 , tripple if it goes to $0.09 ect.... Don't wait to long once volume picks up these cheap prices will be Gone.
ETHUSD Lower Highs and 1D MA100 are the key. How to trade those.Ethereum is currently testing its 1D MA50 (blue trend-line) and even though it has marginally broken above it three times since December 09 2021, it failed to hold a sustainable rise and got rejected under the pressure of a Lower Highs trend-line.
The very same Lower Highs trend-line has been seen during the previous correction and subsequence Accumulation Phase on ETH's bottom, below again the 1D MA50. However, it was when the 1D MA100 broke (green trend-line), which happened to be just below the 0.382 Fibonacci retracement level, that ETHUSD confirmed entering a bullish trend long-term.
We just so happen to be on a similar situation now, with the 1D MA100 declining rapidly near the 0.382 Fib. We monitor the price action first for a break above the Lower Highs trend-line and then for a break-out above the 1D MA100, in order to confirm the bullish reversal on the long-term. In that scenario, look for a first High near the 0.618 Fib, as in August 2021, which is currently just over $3800. If the Lower Highs trend-line rejects the price again look for a pull-back towards the 2160 low again.
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BTCUSD Cryptos Bullish or Bearish ? See what I think· M ·
Created a HL position with a thick previous bearish candle. Target to area is retest 50% of bearish wick.
· W ·
Last week ended with a bearish candle for a higher right leg double bottom. can be seen as inverted h/s if you include the liquidity wick.
· 4h ·
4 rejections of strong demand zone.
1. Bullish Engulf
2. Pin bar wick to the bottom
3. Bullish Engulf
4. Morning Star
· 1h ·
Crossed over SMAs with the 8 ma begging to cross over the 50ma. Currently at retest.