Here's what could next for MYX after recent recovery | Credit: Derek Fenech
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Key Takeaways
MYX has rebounded from its range support despite a broader market downturn.
Rising volume and open interest confirm growing buyer volume around the crypto.
Holding above $5.80 could help MYX price breach the $7 resistance in the short term.
MYX Finance (MYX) is showing remarkable resilience amid a broader crypto market downturn.
Over the past 24 hours, the MYX crypto has defied falling despite experiencing a 70% drawdown earlier.
Instead, the altcoin’s price has climbed roughly 12% from recent lows.
While many altcoins remain trapped in corrective structures, MYX is displaying early signs of recovery.
At press time, MYX price trades around $5.73, with a 48% surge in trading volume over the past 24 hours.
This developing setup raises an important question for traders. Is this move merely a fakeout or the early stage of a sustained rebound? Let’s find out.
MYX Breaches Resistance
The 4-hour chart shows MYX price bouncing from the lower boundary of its established range near $5.20–$5.30, a zone that has repeatedly acted as demand throughout January.
Price has now printed consecutive higher candles and reclaimed the mid-range level around $5.80, suggesting buyers are regaining short-term control.
The Money Flow Index (MFI) sits at 34.30 and is curling upward after spending extended time near oversold conditions.
While still below the 50 midpoint, the rising slope indicates improving capital inflows and early accumulation rather than distribution.
Historically, MYX has posted continuation moves once the MFI transitions from sub-30 to the mid-30s and 40s.
Meanwhile, the Bull Bear Power (BBP) further confirms this shift.
The BBP indicator has flipped positive to 0.694 after a prolonged stretch of negative readings, signaling that bullish pressure is beginning to outweigh bearish momentum.
Furthermore, the expanding green histogram bars show buyers are not only present but also gaining strength.
Structurally, MYX price continues to trade inside a broad horizontal range between roughly $5.20 support and $6.80–$7.00 resistance.
The current rebound positions the price in the upper half of this range, raising the probability of a retest of range highs if momentum persists.
Immediate resistance sits around $6.20–$6.40, a local supply zone formed by multiple prior rejections.
A 4-hour close above this area would open the door for a push toward the upper boundary near $6.80–$7.00.
Open Interest Supports Uptrend
This upward move is backed by strong market data, with open interest (OI) climbing 34% and trading volume surging 103%, signaling active participation from both retail and institutional traders.
This also shows that buyers are not only entering positions but also holding them as the MYX price approaches key resistance levels.
Additionally, the surge in activity suggests short positions are likely being squeezed, which could further fuel an upward momentum if sellers are forced to cover.
If sustained, then the MYX crypto price will likely move closer to $8 soon.
MYX Price Poised for Higher Levels
Since its launch, MYX has maintained a steady upward trend, with a correction happening after the all-time high. This reflects consistent buying interest and price resilience.
This momentum is particularly visible on the daily chart. At the time of writing, the MYX price looks positioned to challenge and potentially break above the key $6.29 resistance zone.
While the Moving Average Convergence Divergence (MACD) remains in negative territory, suggesting that bears still hold some influence, the gradual lightening of the histogram bars indicates that bearish pressure is easing, and a shift toward bullish momentum may be near.
The Relative Strength Index (RSI) has crossed the midline at 50 and now sits at 56.00, signaling growing buying pressure.
An upward-tilted RSI at this level suggests that MYX is transitioning from neutral to bullish territory, and momentum may accelerate if the trend sustains above 55.
Fibonacci retracement levels reveal MYX is gaining strength as it pushes toward the $5.86 zone, a key level that has served as both resistance and support in prior price swings.
Holding above this level could provide a solid foundation for the asset to test the $7.67 resistance. In a highly bullish scenario, the market value might rise to $10.
On the flip side, a failure to maintain momentum may signal a short-term pullback toward support near $4.74.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
