MYX Finance [MYX] has been up 80% in five weeks. Measured from November’s low at $1.7, the slow but steady progress has given bulls some hope that a rally to $5 and $5.6 is possible.
The volatility in October and the swift sell-off from then still loomed large over the price action. Therefore, bullish hopes, though alive, must be muted, especially given the altcoin market performance in recent weeks.
Assessing the MYX Finance trend across different timeframes
Source: MYX/USDT on TradingView
On the 1-day timeframe, the MYX structure was bullish. The structure break came on the 18th of November. A new high at $3.45 served as resistance last week. Meanwhile, the $2.3 is a swing low that should act as support if tested.
The CMF was well below -0.05, and has been since the first week of October. This showed significant capital flow out of the MYX market and was a sign of heavy bearish pressure.
The MACD was just above the zero line, but momentum was only faintly bullish.
Source: MYX/USDT on TradingView
On the hourly chart, a bearish structure prevailed. The CMF was at 0, showing indecisiveness from buyers and sellers. The MACD was below the zero line but had formed a bullish crossover, showing that the bearish momentum was weakening.
This was reflected in this timeframe’s price action. A former demand zone (red box) at $3.05-$3.15 was being retested as resistance.
Which way will the MYX trend resolve?
The less likely scenario was the bearish one. In this case, a retest of $3.15-$3.2 sees a MYX Finance token rejection and further price drops. A move toward $2.7 and $2.3 could ensue, especially if selling pressure intensifies in the lower timeframes.
Traders’ call to action- Wait for a breach of this resistance to buy
The $3.2 resistance was a lower-timeframe supply zone. If buying pressure and market sentiment sway bullishly at the start of Monday’s trading, the MYX Finance token prices may breach this resistance.
Since the daily timeframe structure is bullish, for now, traders would want to align their trades with the higher timeframe. Beyond $3.2, the $3.45 and $4-$4.2 would be the next resistance zones to watch out for.
Final Thoughts
- The MYX trend, though bullish in the past two weeks, was still lackluster after the 10/10 market crash.
- A move past $3.2, if it materializes, would likely be the less risky, more profitable outcome for traders than a rejection below $3, given the daily timeframe’s structure.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
Source: https://ambcrypto.com/decoding-myxs-conflicting-signals-why-this-level-matters-now/
