$MAGMA is looking bullish on the 1-hour timeframe! After finding solid support in the demand zone, we are seeing a strong recovery. If the momentum continues, we could be heading toward a major move upward.
The price has completed a "liquidity grab" above the previous highs and is now showing signs of bearish exhaustion. If the candle closes bearish on the 1H timeframe, we could see a move down to fill the "fair value gap" created during the recent pump.
The price recently spiked toward the 3.660 area but faced strong selling pressure. This created a "long wick" on the candles, signaling that buyers are exhausted and sellers are stepping in at these highs.
The price has successfully tested the Price Balance (PB) or Support zone around $386 - $398. This area is holding firm, acting as a "springboard" for the next move.