Trade MAGIC in Futures Market at CoinDCX
Issued on: 07 Aug’23
Valid upto: 14 Aug’23
Category: Metaverse
Market Cap: $172,315,070
Price Update:
$MAGIC price at the time of writing (07 Aug’23, 17:11) is $$0.778, with a 24-hour trading volume decreased by 17.97% to $47,641,403. MAGIC price is down by 1.20% in the last 24 hours according to coinmarketcap.com
Source: TradingView
Analyzing the above chart:
- MAGIC has recently given a breakout of a 4-month long descending trendline with a good volume & currently it is retesting that level. Implying, MAGIC is extremely bullish.
- Confirmation: Bullish RSI Divergence in the Daily time frame.
- Bottom support level(s): $0.754
- Upper resistance level(s): $0.848, $0.885 & $0.950
- A Long Trading strategy can be assessed between $0.771-$0.784 with an invalidation below $0.751
- On the upside, one can see a rise of 20-25% toward $0.848, $0.885 &
$0.950 (valid for 7 days) - It would seem that one should maintain a balanced risk-to-reward ratio and check the use of leverage and position size to ride out current market conditions.
Note: MAGIC is now available in the futures market in both Go and Pro apps with up to 10x leverage.
LAST 30 DAYS ANALYSIS SUMMARY:
| DATE | TOKEN | Strategy (Long/Short) |
TOKEN RETURN% | TOKEN RETURN % (with 8x leverage) |
BTC RETURN% |
| 11-July | MATIC | Long | 13.69% | 109.52% | 3.77% |
| 12-July | DOT | Long | 9.87% | 78.96% | 1.82% |
| 13-July | BEL | Short | 12.78% | 102.28% | -2.98% |
| 20-July | STX | Long | -3.62% | -28.98% | -4.36% |
| 21-July | SAND | Short | 4.57% | 36.55% | -0.95% |
| 25-July | DOGE | Long | 6.97% | 55.76% | 0.95% |
| 26-July | WLD | Short | 7.60% | 60.81% | 0.95% |
| 28-July | ETH | Short | 2.53% | 20.27% | 0.36% |
| 1-August | OP | Short | -5.33% | -42.64% | 0.43% |
| 3-August | BCH | Short | 6.39% | 51.12% | -0.52% |
| 4-August | FLOW | Short | Trade is live | – | – |
| 4-August | 1000SHIB | Long | 13.96% | 111.68% | -1.06% |
| AVERAGE RETURN | 6.31% | 50.48% | -0.14% | ||
| SUCCESS RATE | 82% |
Return % is calculated based on pricing data as available on the platform and is valid for 15 days from the date of publishing.
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