MAGIC - -9.88% in 24 Hours Amid Volatile Recovery

On AUG 30 2025, MAGIC dropped by 9.88% within 24 hours to reach $0.222, MAGIC dropped by 241.2% within 7 days, rose by 4196.49% within 1 month, and dropped by 5229.9% within 1 year.

The recent price movement in MAGIC has reignited investor interest in the token’s long-term viability and its position in the broader crypto market. While the token experienced a dramatic one-month surge of 4196.49%, recent corrections have sparked speculation about the sustainability of its rally. The drop of 241.2% over the past week indicates a reversal in momentum and raises questions about whether the previous gains were due to speculative trading or underlying technical improvements.

Technical indicators suggest that MAGIC has entered a phase of consolidation after a sharp price increase. The RSI (Relative Strength Index) has fallen into oversold territory, signaling a potential pause in downward movement. Additionally, the 50-period and 200-period moving averages have crossed, indicating a bearish trend. Traders have been closely monitoring these indicators for signs of a reversal or continuation in the downward trend.

Volume has not shown a significant increase during the decline, suggesting that the move might not be driven by panic selling or large institutional offloading. Instead, it appears to be a result of profit-taking after the recent strong rally. However, the absence of volume could also indicate a lack of conviction in the current price direction, making it difficult for the token to establish a clear trend.

Analysts project that further volatility is likely in the near term. Given the token’s recent performance, market participants remain cautious, and the next key support and resistance levels will be closely watched. If the price can stabilize above the critical support level of $0.200, it may indicate a potential recovery. Conversely, a break below that level could lead to further depreciation.

The backtest strategy utilized in evaluating potential price movements for MAGIC incorporates a combination of moving average crossover signals and RSI divergence indicators. This approach aims to identify high-probability entries during periods of trend continuation and divergence in momentum. Historical data was processed using a long-only system that entered trades on the confirmation of a 50/200 EMA crossover and exited upon reaching a trailing stop or a defined take-profit level.