Crypto
MAGIC Lost 29% in a Single Hour, Four Hours After Its Peak
Treasure's MAGIC hit $0.1639 early on October 10, then collapsed to $0.098 in the 07:00 UTC hour on $15.7 million of volume. Pixels, Origin, iExec and Kaia also gave back part of their recent gains.
On Friday we reported that Treasure's MAGIC token had risen 146% in 27 hours. On Saturday, October 10, it gave back most of the last leg in one hour.
MAGIC's rally continued through the Asian night: +13.1% in the 01:00 UTC hour, +11.0% in the 02:00 UTC hour on $7.4 million, and a peak of $0.1639 in the 03:00 UTC hour. It then held between about $0.150 and $0.162 for four hours. In the 07:00 UTC hour, the floor gave way. MAGIC fell from $0.1595 to as low as $0.098 and closed the hour at $0.1137, down 28.71%, on $15.7 million of volume — more than twice as much as any hour on the way up. Selling continued at a slower pace for the rest of the day, and MAGIC closed at $0.0976, down 20.65% for the day and 40% below its peak. It touched $0.0926 just after midnight before bouncing to about $0.12 on Sunday morning.
Several of the past week's other speculative winners also slipped on Saturday. Pixels (PIXEL), which rose 24.6% on Friday alongside MAGIC, fell 11.42%. Origin Protocol's OGN, which doubled on Thursday, lost 12.84%. iExec's RLC fell 6.98% to $0.9624, and Kaia, two days after its Upbit listing spike, slipped 6.28% to $0.0567.
The shape of MAGIC's decline is worth noticing. After a long rally, a token that stops going up but holds a tight range can look stable. But when most of the buyers in that range arrived in the past few hours, there's very little support underneath them. Once selling starts, there are no earlier buyers at nearby prices to absorb it, and the price can fall through levels that were only touched briefly on the way up. That's why the biggest drops in these runs often come in a single candle rather than a gradual decline.