Issued on: 17th May’23
Valid upto: 23th May’23
Token: MAGIC
Category: NFT, Gaming, Metaverse
Market Cap: $194,297,367
Circulating Supply: 214,836,654
Total Supply: 347,714,007
Price Update: MAGIC is the utility token that connects games, players, metaverses, and communities, all within Web 3.0. MAGIC price at the time of writing (17th May, 12:00) is $0.904 with 24-hour trading volume of $39,190,839. MAGIC price is up by 6.16% in the last 24 hours according to coinmarketcap.com
Source: Tradingview
Analyzing the above Chart:
- MAGIC witnessed a massive rally at the start of 2023, followed by a long period of correction.
- Currently, from Elliott Wave Theory (EWT), MAGIC looks like it completed the WXY pattern and is at the bottom of the Y wave.
- MAGIC price action also coincided with 0.786 fib levels, which highlights the potential bottom pattern.
- On the upside, one can see it moving towards 0.618 fib levels which is forming at $1.17 ranges
- A Long Trading strategy can be assessed between $0.82-$0.90, with invalidation below $0.78.
- On the upside, one can see 10-15% rise towards $1.00 as first level, and if markets are sustained we can also see moving towards $1.15.
- It would seem that one should maintain a balanced risk to reward ratio and check 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.
Trade MAGIC in Futures Market at CoinDCX
Trade MAGIC in Futures Market at CoinDCX Pro
Disclaimer:Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The Content is for informational and educational purposes only. The Content is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or securities or virtual digital assets or to participate in any investment or trading strategy.The Content or any part of it is not legal, financial, investment or tax advice. The calculations, data, risk return formulations, performance or market capitalization indicators are based on the independent data sourced by CoinDCX or third parties. Past performance is not indicative of any future results.
