MYX Financial [MYX] Posted gains of 8 percent in the past 24 hour. Many analysts attribute the rally to an immediate breakout beyond the $3 psychological and technical resistance.
A recent AMBCrypto reportMYX was described as breaking out from an descending channel. With high trading volumes and an increase in open interest, it was predicted that the price would be $3.45.
It has exceeded expectations. On Monday, December 15, MYX Finance The token price has reached its local peak of $3.9. The level of $3.45 could serve as a base and kick-start the next rally.
Mixed MYX Signals: Decoding
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There is a $ 3,20 zone of short-term supplies and a $3.45 price high. were marked The levels you need to reach to make the switch to bullish. The bullish breakout has been confirmed by the volume of trading over the last five days.
The long-term trend may not be bullish, but the last six weeks have seen significant improvements. As of the date this was written, the OBV had been steadily climbing, while the structure continued to be bullish and the moving ratios showed the shift in momentum.
Source: Coinalyze
On the flip side, over the past 4 days we have also seen a consistent drop in the Open Interest. In the last three days, funding rates were also very low. Based on the funding rates, these were signals that traders had exited their positions and the market was favoring short-term positions.
The recent rally is a squeeze that could quickly reverse. The spot market is booming, but traders should be aware of the short-term volatility.
The Short Squeeze Scenario
Coinalyze data revealed that MYX’s rally may not be sustainable. According to Coinalyze data, the long/short 24-hour ratio was 0.96. CoinGlass. This could mean that the rally above $3.7 is a hunt for short positions.
Traders’ call to action – Trust the price action
D1 showed a bullish pattern that was steady. This breakout was positive, as it came at a period when Bitcoin’s price is declining. [BTC] posted losses. This $3.33 -$3.52 range is the short-term high-demand area for altcoins.
The short-term bullish set up would be invalidated if the price dropped below $3.26. The bounce up from $3.45 towards $4.2 was more likely to occur than a bearish turn.
Conclusions
- MYX Finance gave mixed signals in evaluating the Futures Data and price movement across various timeframes.
- While it may be that the recent movement was a squeeze of a few days, traders can still maintain s bullish outlook and buy between $3.4-$3.5.
Disclaimer: This information is not intended to be a financial, investment or trading advice. It represents the sole opinion of the author.
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Source: ambcrypto.com
