Magic Eden - Double Bottom - breaking downtrend
Magic Eden looks to have carved out a double bottom around the $2.30-2.40 area.
It is also in a very large falling wedge.
We appear to be breaking out from the downtrend of that falling wedge as we speak.
We need to establish support above the demand zone S/R of $3.26.
From there we would need to attack the $4.00-$5.00 area and establish it as support.
If we can do that, I could maybe see Magic Eden hitting $24.00-$30.00 for the latter part of this bull market.
Thank you, and best of luck in your trading and investing!
It is also in a very large falling wedge.
We appear to be breaking out from the downtrend of that falling wedge as we speak.
We need to establish support above the demand zone S/R of $3.26.
From there we would need to attack the $4.00-$5.00 area and establish it as support.
If we can do that, I could maybe see Magic Eden hitting $24.00-$30.00 for the latter part of this bull market.
Thank you, and best of luck in your trading and investing!
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