Understanding MYX's Mixed Signals: The Importance of Current Support Levels

MYX Finance (MYX) has experienced substantial growth, rising by 80% over the past five weeks. Despite this ascent, uncertainty remains regarding its future trajectory. This article explores various timeframes to assess the current market conditions and potential support and resistance levels for MYX.

Key Takeaways

MYX Finance has surged 80% since November, igniting bullish hopes for further gains.
On the daily chart, MYX appears bullish but shows signs of bearish pressure in lower timeframes.
Current resistance at $3.2 needs to be breached for a continued upward movement.
Traders should keep an eye on key support levels around $2.3 for potential price drops.

MYX up 13% from December's base, but lower timeframes hint at a trend shift

Analyzing the Trend of MYX Finance Across Various Timeframes

MYX 1-day Chart

Source: MYX/USDT on TradingView

In the daily analysis, MYX's structure indicates a bullish trend. A significant structural break occurred on November 18, where a peak at $3.45 has now become a resistance point. Support is anticipated around the swing low of $2.3 if it is tested in the future.

Despite this bullish outlook, the Chaikin Money Flow (CMF) has been persistently below -0.05 since early October, indicating a pronounced exit of capital from the MYX market, suggesting persistent bearish pressure. Meanwhile, the Moving Average Convergence Divergence (MACD) hovered just above the zero line, signaling only a faint bullish momentum.

MYX 1-hour Chart

Source: MYX/USDT on TradingView

When viewed on the hourly chart, a bearish structure dominates. The CMF is currently at 0, reflecting a state of indecision among buyers and sellers. Although the MACD is below zero, it has recently shown a bullish crossover, implying that bearish momentum might be weakening.

This trend is echoed through the price action, where a previously established demand zone, positioned between $3.05 and $3.15, is now facing challenges as resistance.

Potential Direction for the MYX Trend

A bearish trend appears less probable. Should there be a rejection at the resistance levels of $3.15 to $3.2, further declines toward $2.7 and possibly $2.3 may happen, particularly if selling pressure amplifies in lower timeframes.

Trader Recommendations: Wait for Resistance Break Before Buying

Currently, the resistance at $3.2 is identified as a supply zone within an earlier timeframe. Should buyer momentum shift positively at the onset of Monday trading, it could enable MYX Finance token prices to breach this resistance mark.

Given the prevailing bullish structure on the daily timeframe, traders are encouraged to align their strategies accordingly. If MYX surpasses $3.2, potential resistance areas to watch include $3.45 and the range of $4-$4.2.

Final Thoughts

Disclaimer: The information provided in this article should not be considered as financial, investment, or trading advice and reflects the author's personal opinion.