Bullish Sentiment Drives MAGIC Market as Buying Pressure Intensifies

  • The buying pressure is strong, and the MAGIC coin is up by nearly 7.37% in the last 24 hours.
  • Resistance and support levels for the coin are seen at $1.45 and $1.29.

The MAGIC price analysis is showing a positive trend in the market today, with bullish indicators continuing to dominate. The token is currently trading at $1.43, with a 24-hour surge of 7.37%, indicating a strong market sentiment. The bulls have taken control of the market, and it looks like they are ready to push the MAGIC price further up.

MAGIC/USD daily chart: Coin market cap

The previous day the market was in a bearish trend, and the price of MAGIC was at $1.29. However, with strong buying pressure from investors and traders, the price moved up to $1.42 in a short span of time. This is likely due to the increasing demand for MAGIC coins and a lack of selling pressure from sellers. The current resistance level stands at $1.45, which is expected to be broken with the bullish momentum that has taken over the market.

The last few hours of trading have been relatively positive for the bulls, with the daily trading volume reaching up to 29.1 million dollars, an increase of more than 4.65 percent from yesterday. This indicates that the buying pressure is strong, and the market sentiment is becoming increasingly bullish. The market cap for the token stands at $99 billion, with the total circulating supply at 212 million.

The daily technical indicators are largely in favor of the bulls. The moving average converges divergence (MACD) is in the bullish zone, with its signal line above the MACD. Additionally, the histogram is increasing, with red bars turning green. The relative strength index (RSI) is at the neutral zone at $47.65 and is expected to cross the overbought zone. These indicators signal that the bulls have taken control of the market and are pushing the price higher.

MAGIC/USD 1-day price chart: TradingView

The Bollinger band on the daily chart is also favoring the bulls. The volatility of the coin is increasing. With the upper band expected to break at $1.94 in the coming days with sustained bullish momentum, the lower band stands at $1.07 and is expected to act as strong support for the MAGIC price in the near term if bulls take a breather.

Overall, the bullish sentiment is dominating the MAGIC market as buying pressure continues to increase. The indicators are looking good for further growth of the coin in the near future, and with sustained momentum from buyers, MAGIC could cross $1.50 soon. The resistance and support levels are in favor of bulls, and with a decrease in selling pressure, the token looks well on its way to reaching new highs.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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