MYX Financiers [MYX] In just five weeks, the stock has risen by 80%. The slow, but steady rise from the November low of $1.7 has encouraged bulls to believe that an upswing towards $5 or $5.6 may be possible.
Prices were still affected by October’s volatility and rapid drop. Bullish expectations, while still alive, should be mitigated, particularly given recent altcoin performance.
The MYX finance trend over different timeframes
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In a one-day time frame, MYX The structure is bullish. Structure broke on 18th November. The new $3.45 high was a resistance level last week. By contrast, $2.3 represents a low swing that could act as support in the event of a test.
CMF is well below -0.05 and has been for the entire first week of Oct. The MYX was under heavy bearish pressure and this showed a significant outflow of capital.
Momentum was barely bullish, even though the MACD line was slightly above zero.
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A bearish pattern was dominant on the chart hourly. CMF stood at zero, indicating indecisiveness on the part of both buyers and seller. MACD was at zero but formed a bullish cross-over, showing the bearish trend was fading.
The price movement in this timeframe reflected that. The price was retesting a former demand area (red box), between $3.05 and $3.15.
What will be the outcome of MYX?
It was less likely that the scenario would be bearish. If the price falls below $3.15, MYX Finance will reject it and cause further declines. If the selling pressure increases in lower timeframes, a move towards $2.7 or $2.3 may follow.
Call to Action for the Traders- Await a break in this resistance before buying
The $3.2 was the supply zone for a shorter-term timeframe. MYX Finance’s tokens prices might breach this barrier if the market and buying sentiment swings in a bullish direction at the opening of Monday trading.
Traders will want to trade the higher timeframe for the moment, as the structure of the daily timeframe is bullish. The next zones of resistance are $3.45, $4-$4.2 and $3.2.
Last Thoughts
- MYX, although bullish over the past two months, has been lagging behind since the 10/10 crash.
- The daily timeframe structure makes it more likely that a move above $3.2 will be less risky and profitable for traders.
Disclaimer: This information is not intended to be a financial, trading or investment advice. It represents the sole opinion of the author.
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Source: ambcrypto.com
