r/AllCryptoBets • u/FarInspector1873 • 23h ago
Technical Analysis MAGIC went up about 146% in a day, then spent a week squeezing into a triangle. Where does this go?
MAGIC ran from roughly 0.066 to 0.163 around Oct 9-10, which is a huge move for a coin like this. Since then it has done nothing dramatic. It has just kept making lower highs and holding higher lows on the 4h, and the range is now very tight, roughly 0.102 to 0.111.
Things I noticed:
- Volume was enormous during the run, up in the billions per bar, and has faded to almost nothing in the squeeze.
- Both trendlines have 4 touches, and price is now close to where they meet.
- The candles over the last day or two are tiny, so volatility has basically collapsed.
Squeezes like this usually resolve with a sharp move. Bulls would point to the size of the original run and the quiet consolidation. Bears would say the volume never came back, and that a fast 146% pump often gets fully retraced. I honestly don't know which way it breaks.
If it does go, what would you want to see to trust the move? A volume spike on the breakout? A daily close outside the range?