MAGIC gains 14.33% in a day due to robust short-term momentum

On September 11, 2025, MAGIC saw a 14.33% increase in the past 24 hours, climbing to $0.2111. Over the last 7 days, MAGIC surged by 633.87%, rose 644.67% over the past month, but experienced a decline of 2256.28% for the year.

The recent surge in MAGIC’s price is being linked to a spike in on-chain activity and a revival of interest from individual traders. Metrics indicate that both wallet and token transaction volumes have seen steady growth throughout the week, suggesting increased participation. This rise in activity has also been accompanied by a consolidation of major support levels that have previously acted as price floors. Experts suggest that if MAGIC can maintain a position above the $0.19 resistance mark, especially with sustained trading volume, this could further strengthen the upward movement.

Technical analysis is currently supporting the recent price momentum, offering more insight for short-term market participants. The RSI is now in the overbought zone, sitting close to 68, while the 50-period moving average has moved above the 200-period moving average—a bullish sign that often indicates increasing strength. Additionally, the MACD histogram continues to expand, pointing to rising buying interest. Though these indicators do not guarantee future trends, they are typically considered together to gauge broader market sentiment.

Backtest Hypothesis

The strategy being evaluated utilizes a mix of moving average crossovers and specific RSI limits to trigger trades. The main approach is to open long trades when the 50-period moving average surpasses the 200-period average, and to close trades when the RSI moves above the overbought level, generally set at 70. Stop-loss orders are placed at the latest swing low to mitigate risk, while profits are targeted using a fixed 1:2 risk-to-reward ratio. When this method was applied to MAGIC’s historical data, it produced favorable results across several market phases, especially when price fluctuations were minimal. This matches the present technical picture, where low volatility tends to favor trend-following strategies.