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Resistence

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.
by cryptohopper
Daily BTC 4HChart - resistance and supportHello everyone, let's look at the BTC to USDT chart on a 4-hour time frame. As you can see, the price has broken out above the local uptrend line. Let's start with the support line and as you can see the first support in the near future is $24483, if the support is broken then the next support is $24110 and $23819. Now let's move on to the resistance line, as you can see the price is approaching the first resistance at $25187, if it manages to break it, the next resistance will be $25508 and $25943. Looking at the CHOP indicator, we see that we have a lot of energy for the next move, the MACD maintains the local downtrend, while the RSI moves at the upper limit, which may cause a further price correction.
by cryptodailyuk
ADA/USDT 4HInterval Resistance and SupportI invite you to review the chart of ADA in pair to USDT, on a four-hour interval. First, we will use the blue lines to mark the downtrend channel from which the price has gone up. Moving on, we can move on to highlighting the support spots, we currently see a price correction where the ADA is based on the first support at $0.32, the second support at $0.30, the third support at $0.29, and the fourth support at $0.27. Looking the other way, we see first resistance at $0.33, then we can mark a strong resistance zone from $3.34 to $0.36, and then resistance at $0.37. Please look at the CHOP index, which indicates that the collected energy is used for correction, but we still have a continuation of the move, MACD indicates a return to the downtrend, while the RSI has a strong rebound, which creates room for new increases.
by cryptodailyuk
Daily ETH 1DChart - resistance and supportHello everyone, I invite you to view the chart of ETH in pair to USDT, also on a one-day interval. First of all, using the yellow line, we can mark the downtrend line that the price has overcome upwards. At this point, it is also worth looking at the EMA Cross 10 and 30, which at this point indicate a return to an uptrend, but be careful if it turns out to be a false breakout. Now let's move on to marking the places of support. We will use the Fib Retracement tool to mark the supports, and as you can see, we have the first support at $ 1623 which the price is currently approaching, the second support at $ 1576, the third at $ 1526 and then the fourth support at $ 1457. Looking the other way, we can also determine resistances for the price, but here you can see that the price must break the strong resistance zone from $ 1664 to $ 1743, only when the price breaks out of this zone and then tests it positively, we will be able to observe further increases. As we can see, the first day showed a nice increase, which indicates a growing sales volume. The CHOP index indicates that the energy has been used. The MACD indicator indicates a return to an uptrend. On the other hand, the RSI shows a rebound after the last increase, which may give a positive breath for further increases.
by cryptodailyuk
Daily BTC 1HChart - resistance and supportHello everyone, let's look at the BTC to USDT chart on a one hour time frame. As you can see, the price has broken the local downtrend line. Let's start with determining the support line using the Trend Based Fib Extension tool and as you can see, first we have a support zone that defended the price from $ 24597 to $ 24237, if the support is broken then the next support is $ 23955, and then we have support at $ 23655. Now let's move on to the resistance that price has on its way and here too we can mark the resistance zone from $24921 to $25107 if you manage to break it the next resistance will be $25335 then at $26025 and the next significant level is at price $27,123. Looking at the CHOP indicator, we see that the energy is gaining a lot of strength, the MACD is close to returning to the local uptrend, while the RSI is moving sideways in the middle of the range, which makes it difficult to clearly determine the direction.
by cryptodailyuk
SOL/USDT 1DInterval Resistance and SupportHello everyone, let's look at the SOL to USDT chart on a single day time frame. As you can see, the price has left the upper downtrend channel. Let's start with the support line and as you can see the first support in the near future is $20.71, if the support is broken then the next support is $19.82, $19.08 and $18.37. Now let's go to the resistance line, as you can see the first resistance is $21.61, if you manage to break it, the next resistance will be $22.87 and $24.72. Looking at the CHOP indicator, we see that the energy is slowly rising, the MACD indicates the entry into an uptrend, while the RSI shows that there is room for continued growth.
by cryptodailyuk
DOT/USDT 1DInterval Resistance and SupportHello everyone, I invite you to review the DOT chart in pair to USDT, on a one-day timeframe. First, we will use the blue lines to mark the downtrend channel from which the price has gone up. Moving on, we can move on to marking support areas when we start a larger correction. And here, the first support is at $5.47, the second support is at $5.07, the third support is at $4.74, and the fourth support is at $4.41. Looking the other way, we see that the price is fighting the resistance at $6.16, which so far has no strength to break. However, if it manages to break out above, the second resistance is at $6.40, the third at $6.75 and the fourth at $7.18. Please look at the CHOP index, which indicates that we are gaining more and more energy, the MACD indicates that we are close to entering an uptrend, while the RSI also shows a rebound and a lot of room for continuation of the move.
by cryptodailyuk
SOL/USDT 4HInterval Resistance and SupportHello everyone, I invite you to review the SOL chart on a four-hour interval. As we can see, the price has broken the downtrend channel marked with blue lines, while locally the yellow line will mark the uptrend lines. Let's start by marking the support spots for the price and we see that the first support to consider is at $18.86, then we have the second support at $17.24 and the third support at $15.94. Looking the other way, we can similarly determine the places of resistance that the price has to face. And here we see that the price is currently testing strong resistance at $20.55. We continue to have strong resistance at $21.83, once the price breaks it it will move towards the resistance at $23.38. The CHOP index indicates that the energy has been used for the current increases, the MACD indicates the continuation of the uptrend, while the RSI is moving in the upper part of the range, which may indicate a temporary correction.
by cryptodailyuk
BNB/USDT 1DInterval Resistance and SupportAs the second chart in the review, we looked at BNB against USDT, as well as on a single-day timeframe. First, using the yellow line marked with the local straight line of the downtrend from which the price comes up, and then with the help of the blue line marked with the straight line of the downtrend at which the price returns. Now let's move on to the designations of support places. And as you can see, we have the first support at $303, the second support at $296, the third support at $290, and the next support at $284. Looking the other way, we can also determine the places where the price should be on the upward path. And here we have the first very strong resistance at the price of $310, which the price concerns, however, quickly returned, the next resistance is at the price of $322, and then the third resistance at the price of $338. As you can see the CHOP index actually, that the energy quickly gathers strength. MACD indicator indicating entering an uptrend. While on the RSI, a visible strong increase may cause a temporary stagnation or correction.
by cryptodailyuk
Daily BTC 1DChart - resistance and supportHello everyone, I invite you to every Monday's cryptocurrency review. Let's start by checking the current situation on the BTC pair to USDT, taking into account the one-day interval. The last few days have been troublesome for many investors and a lot of fears have popped up around the cryptocurrency market, which significantly lowered the valuation of Bitcoin. However, one day was enough to rebuild the losses and here, first, we will use blue lines to mark the local downtrend channel, from which, as you can see, the price has definitely moved upwards. Now we can move on to marking the places of support in the event of a correction. And here, in the first place, it is worth marking the support at the price of $ 23178, the second support at the price of $ 22353, the third at the price of $ 21650, then we have a strong support zone from $ 20993 to $ 20045. Looking the other way, also using the Fib Retracement tool. First, we will mark a strong resistance zone from $24034 to $25226, only when the price breaks out of this zone and positively tests it will open the way towards the resistance at $28802. As we can see after turning on the Cross 10 and 30 EMAs, we can see that they are still in a downtrend, but there is a definite change in direction. Please pay attention to the CHOP index, where we can see that the energy is gathering strength very slowly, the MACD indicator is on the verge of entering an uptrend, while the RSI has a definite increase, we see that we are approaching the upper limit, which may slow down the current growth or give local correction.
by cryptodailyuk
Daily ETH 4HChart - resistance and supportHello everyone, let's look at the ETH to USDT chart on the 4-hour time frame. As you can see, the price quickly rebounded and returned above the downtrend line. Let's start with the support line and as you can see the first support in the near future is $1616, if the support is broken then the next support is $1569, $1531 and $1493. Now let's move on to the resistance line, as you can see the first resistance is $1662, if you manage to break it, the next resistance will be $1743 and only when we break it can the price move on. Looking at the CHOP indicator, we see that the energy has been used for the current large increase, the MACD indicates an uptrend, while the RSI has reached the upper limit, which may slow down the price increase for a while.
by cryptodailyuk
Daily BTC 4HChart - resistance and supportHello everyone, let's look at the BTC to USDT chart on a 4-hour timeframe. As you can see, the price has bounced off the local downtrend line. Let's start with the support line and as you can see the first support in the near future is $20903, if the support is broken then the next support is $20651 and $20433, then we have a support zone from $20230 to $19941. Now let's move to the resistance line, as you can see the first resistance is $21478, if you manage to break it the next resistance will be $21998 and $22671. Looking at the CHOP indicator, we see that the energy is being used for the current increase, the MACD indicates entering a local uptrend, while the RSI shows a strong increase.
by cryptodailyuk