Crypto Token Magic (MAGIC) Plunges More than 8% Today. Is It Prime for a Quick Turnaround?
As the crypto marketplace moves a miniscule 1% today, some cryptocurrencies are seeing a lot more action than the average. Token Magic (MAGIC) has fallen 8.12% today so far to a price of $0.6565 (MAGIC/USD). Does that mean it is time to invest as the coin dips low or is this the start of a bear trend?
Magic’s Recent Movements
Today’s Magic price is down considerably from where it was just two days ago. At that point, the MAGIC rate was $0.9516 at its peak, and then it fell steeply and steadily from there.
So, it may look like Magic is on a decline that is below the norm, unless you look back a few days and see that this coin spiked from $0.5071 to that $0.9516 high in the space of about 8 hours. That was a change of 87%, which is big news for any crypto, and it was this price spike that recently put Magic on a lot of people’s radars.
How big of an impact did this change have on Magic’s trade? The trade volume over a 24-hour period went from $4 million to $250 million after the jump.
Is This a Good Investment Time?
Consider where this coin was before the recent upswing, trending at around $0.340 for much of the last three months. That means that Magic is trending much higher now, btu the question is whether that will last.
The current movement seems to be a bearish trend, and if that continues, Magic could end up back down where it was before. What investors are hoping, though, is that Magic will stabilize well above the $0.340 level and continue to trade higher for a while, like what Uniswap did a few months ago when it broke onto many inevstors’ radars. If that happens, then the price could spike back up again soon. If it does not, then Magic will have trouble making back money for recent investors.
Right now, this is a very hot crypto and worth watching, but whether or not it is worth investing in will depend on where you think it is headed next. The fact that the rate went so high recently bodes well for a similar action happening again soon.
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