MAGICUSDT is testing the key levelMAGICUSDT is currently displaying a Falling Wedge pattern. The Falling Wedge is a bullish chart pattern that often suggests a potential trend reversal from a downtrend to an uptrend. It is formed by connecting lower highs and lower lows with two converging trendlines, creating a wedge-like shape.
Given that the price is currently testing the key level at $0.8, this level is critical as it could potentially act as a resistance within the Falling Wedge pattern.
According to Plancton's rules, traders will closely monitor the price action as the market tests this key level. If the price successfully breaks out above $0.8 with a decisive and substantial increase in trading volume, it would be considered a breakout signal.
Should the breakout occur, Plancton's rules would suggest a "new long" trade. This means that traders would consider opening a long position on MAGICUSDT, anticipating a continued upward movement in the price.
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <= 1h structure.
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