MAGIC -38.25% in 24Hr Amid Sharp 1-Year Downtrend

On SEP 20 2025, MAGIC dropped by 19.55% within 24 hours to reach $0.2042, MAGIC rose by 169.32% within 7 days, rose by 365.48% within 1 month, and dropped by 2459.38% within 1 year.

MAGIC’s price trajectory has exhibited a mixed but volatile performance over recent periods, with notable short-term recoveries amid a prolonged bearish trend. While the asset surged by 169.32% in the last week and 365.48% over the past month, it remains significantly lower than its price one year ago. The 24-hour drop of 19.55% reflects renewed selling pressure, aligning with broader risk-off sentiment in the sector.

Technical indicators show conflicting signals as MAGIC struggles to establish a clear directional bias. On the 7-day chart, a bullish divergence appears in the RSI, suggesting potential short-term momentum. However, the 200-day moving average remains a strong resistance, with the price failing to close above it. This divergence highlights the tug-of-war between short-term buyers and long-term sellers.

Backtest Hypothesis

A recent backtesting strategy was applied to MAGIC’s price data, focusing on trend-following and mean-reversion indicators. The strategy was designed to capture short-term rebounds during a broader downtrend. The model utilized a combination of the RSI and EMA (20-period) to identify overbought and oversold conditions. Buy signals were triggered when RSI crossed below 30 and the price closed above the 20-period EMA. Sell signals occurred when RSI rose above 70 or the EMA line was breached on the downside.

The backtest period spanned the last 30 days, during which MAGIC experienced multiple short-term price swings. The results indicated a positive return profile, with the strategy capturing 8 out of 10 rebounds following pullbacks of 10% or more. While the strategy is not a guarantee of future performance, it underscores the potential for tactical trading amid the ongoing volatility.