MAGIC - -35.14% in 24 Hours Amid Sharp Correction

On SEP 3 2025, MAGIC dropped by 35.14% within 24 hours to reach $0.2067, a sharp reversal following a 81.26% increase over the preceding 30 days. Over the last week, the asset fell by 197.53%, and year-over-year, it has seen a staggering decline of 5,319.5%. These movements indicate a severe correction, with momentum indicators and key resistance levels potentially influencing the ongoing downward trend.

The recent sell-off in MAGIC has triggered renewed scrutiny of its technical chart. Traders are paying close attention to the $0.2067 level, which now appears as a critical support zone following the 24-hour decline. Analysts have noted that the price has breached multiple key Fibonacci retracement levels and is currently consolidating near a potential double-bottom formation. However, without a clear rebound above $0.260, bearish sentiment is likely to persist, with further downside risk to $0.150 in the short term.

The broader context of this sharp decline includes a reversal of a recent bullish phase, where the asset had gained 81.26% over the last month. This suggests the recent uptrend was likely speculative or driven by short-term inflows that have now reversed. The RSI has moved into oversold territory, a condition that historically has sometimes preceded a bounce. However, given the depth of the recent selloff and the absence of a clear catalyst for a reversal, the RSI signal must be interpreted with caution.