- MAGIC is backside between $0.22 and $0.24 after ripping above the 200-day moving average on the daily chart.
- A breakout above $0.28 could lead to an upward move targeting the $0.35–$0.40 range.
- Rejection near current levels may push price back toward trendline support around $0.20.
MAGIC/USDT is consolidating inside a horizontal supply zone within an ascending triangle, with a breakout above $0.28 signaling potential bullish continuation toward higher price targets.
MAGIC Trades Within Supply Zone After Trendline Rebound
MAGIC has maintained an ascending triangle formation on the daily chart, with the rising trendline acting as strong dynamic support since early June. The cryptocurrency is trading inside a horizontal supply zone between $0.22 and $0.24, an area aligning with the 200-day moving average.
According to TheCryptoExpres-chart shared on Twitter, price action recently broke into the supply zone following a rebound from the ascending triangle’s support. This move suggests buyers are testing resistance levels that could determine the short-term market direction.
Breakout Above $0.28 May Signal Bullish Continuation
If MAGIC achieves a daily close above $0.28, the ascending triangle breakout would be confirmed, aligning with measured move projections. This technical development could pave the way toward price targets between $0.35 and $0.40 over the medium term.
Volume will be an important factor for validating the breakout. The maintenance of purchasing trend and the increasing optimum sign on the bull runs would favor advancement of the bullish movement. Absent this confirmation, the action may become weak producing protracted consolidation.
Risk of Pullback Toward $0.20 Trendline Support
There remains a risk of a short-term pullback to the rising trendline at $0.20 should the Bitcoin fail to break above the price of $0.28. Such a move would maintain the ascending triangle structure but could test buyer conviction at lower support levels.
When writing this, MAGIC is trading at $0.2588 representing a loss of $4.23 over the previous 24hrs. The price has increased by 1.67 percent in the past seven days putting it in one of the major technical nodes. The market players are observing the price action because the next big step is going to be decisive.
