Journalist
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Key Takeaways
MYX Finance has made rapid gains on the back of strong trading volume — traders and investors should watch the $4 and $3.3 levels for the next price trend.
MYX Finance [MYX] managed to clear the $2.5 resistance level within a day after consolidating under the $1.3 level since the third week of August.
The altcoin rallied 270% in a week, and high trading volume meant bullish conviction was real.
Long-term investors will have to be wary of the fact that only 20% of the total supply is currently in circulation.
A 75% unlock would be achieved by March 2028, and this dilution could hurt the token unless offset by rising demand over the years.
The $4 psychological resistance looms
Source: MYX/USDT on TradingView
On the 7th of September, MYX Finance rallied 167%, with the day’s open at $1.3, just above the 20-day moving average value.
The token reached $3.49 at the day’s close, and continued to climb higher at the time of writing.
The RSI on the daily chart was at 84.87, which was deep within overbought territory. However, a high RSI does not guarantee a price pullback by itself.
When MYX Finance rallied in early August, the RSI reached 90.56 on the 4th of August.
The token rallied an additional 300% over the next two days, and the RSI was at 98. Hence, selling because RSI exceeds 70 and expecting a pullback will not always work.
The 3-day liquidation heatmap showed that there was some liquidity around the market price. However, these zones’ density did not compare to the regions between $1.5-$2.
In the next day or two, the $3.9 and $3.3 would be the most interesting magnetic zones.
A short-term range formation appeared to be established over the 12 hours of trading. If this range persists, a price dip to $3.4-$3.5 would become likely. A breakout past $4 would represent bullish continuation.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
