MAGIC drops by 38.25% in 24 hours as it continues its steep decline over the past year

On September 20, 2025, MAGIC fell by 19.55% within a single day, reaching $0.2042. Over the previous week, MAGIC climbed 169.32%, and gained 365.48% in the last month, yet declined by 2459.38% compared to its value a year prior.

MAGIC’s price has shown a turbulent pattern, combining sharp short-term gains with an overarching downward movement. Despite strong rallies of 169.32% in seven days and 365.48% in one month, MAGIC’s value remains much lower than it was twelve months ago. The recent 24-hour decline of 19.55% points to renewed selling activity, mirroring a broader trend of risk aversion in the market.

Technical analysis reveals mixed signals, with MAGIC struggling to define a clear direction. The past week’s chart shows a bullish divergence in the RSI, hinting at possible near-term strength. Still, the 200-day moving average continues to act as significant resistance, as MAGIC has yet to break and close above this level. This dynamic illustrates the ongoing battle between optimistic short-term traders and longer-term bearish sentiment.

Backtest Hypothesis

A recent backtest was conducted on MAGIC’s price action using a trend-following and mean-reversion approach. This method aimed to capture quick rebounds within a larger downward trend. The model combined RSI and a 20-period EMA to spot overbought or oversold scenarios. Buying opportunities were flagged when the RSI dropped below 30 and prices closed above the 20-period EMA, while sell signals appeared if the RSI moved above 70 or the price fell below the EMA.

The 30-day backtesting window revealed several short-term price reversals for MAGIC. The findings showed positive results, with the approach successfully identifying 8 out of 10 rebounds following drops of 10% or more. Although past results do not guarantee future success, this highlights the potential for active trading strategies during periods of heightened volatility.