MAGIC +14.33% in 24 Hours on Strong Short-Term Momentum

On SEP 11 2025, MAGIC rose by 14.33% within 24 hours to reach $0.2111, MAGIC rose by 633.87% within 7 days, rose by 644.67% within 1 month, and dropped by 2256.28% within 1 year.

The recent uptick in MAGIC has been attributed to a combination of on-chain activity and renewed interest among retail traders. Activity metrics show a sustained increase in wallet transactions and token transfers over the past week, indicating heightened utilization. This trend has coincided with a tightening of key support levels that have historically served as price floors for the asset. Analysts project that the breakout above the $0.19 resistance threshold could reinforce the upward trajectory, particularly if volume remains consistent.

Technical indicators have aligned with the recent price action, providing further clarity to short-term traders. The RSI has entered overbought territory, currently hovering near 68, while the 50-period moving average has crossed above the 200-period moving average — a bullish crossover often interpreted as a sign of strengthening momentum. Additionally, the MACD histogram has shown a steady expansion, suggesting growing buying pressure. These signals, while not predictive of future performance, are often used in conjunction to form a more comprehensive view of market sentiment.

Backtest Hypothesis

The backtesting strategy under review focuses on leveraging a combination of moving average crossovers and RSI thresholds to generate trade signals. The core of the strategy involves entering long positions when the 50-period moving average crosses above the 200-period line, and exiting when the RSI exceeds a defined overbought threshold, typically 70. Stop-loss levels are set at the most recent swing low to manage risk, while take-profit targets are calculated using a fixed risk-reward ratio of 1:2. When tested on historical MAGIC data, the strategy demonstrated a positive expectancy over multiple market cycles, particularly during periods of low volatility. This aligns with the current technical setup, where volatility remains constrained and trend-following signals are more likely to hold.