MYX Finance faces heavy selling but bulls are fighting back | Credit: Hameem Sarwar
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Key Takeaways
The MYX price crashed 41% in the past 24 hours, unlike most cryptocurrencies on the market.
It trades below the 20 EMA, with bulls now tasked with defending the $7.30 support.
If buying pressure strengthens, MYX could rebound toward $12.79. Here is why.
Over the past few days, MYX Finance (MYX) has experienced heightened volatility. After repeatedly testing the psychological resistance at $17.29, the token once again retraced, sliding to the $8.32 to $8.83 support range.
At press time, MYX is down 41% in the last 24 hours, although signs suggest that buyers are gradually absorbing the selling pressure.
MYX Sees Freefall
On the 4-hour chart, the Moving Average Convergence Divergence (MACD) histogram remains red, but the bars are narrowing. This shift shows that bearish momentum is losing intensity, a precursor to a potential reversal.
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However, traders need to be cautious, especially since the Exponential Moving Average (EMA) remains in a bearish crossover. Looking closely at the MACD, the 12 EMA (blue) has crossed below the 26 EMA (orange).
If this trend continues, MYX’s price will struggle to break above the upper resistance level. However, if buying pressure increases, things might change.
Similarly, the Bull Bear Power (BBP) remains negative, indicating that sellers are in the dominant position. Yet, its histogram bars are shortening as more bulls step in to absorb sell orders.
If this continues, MYX could experience relief, possibly retesting the $12.79 resistance before any attempt at reclaiming the $17.29 zone.
The daily chart paints a similar picture. The Awesome Oscillator (AO) remains in bearish territory, but its histogram bars are fading, again pointing to easing downside momentum.
Additionally, the Money Flow Index (MFI) has remained above the midpoint. This suggests that bulls are attempting to defend the altcoin from experiencing another double-digit correction.
Furthermore, the MYX price action has dropped below the 20 EMA (blue). Typically, the 20 EMA (blue) acts as a key support level.
Since the altcoin has dropped below it, MYX bulls might need to do more than stabilize the price for it to trade higher.
The Fibonacci retracement levels also provide additional insight into potential performance. As seen below, the MYX’s price currently trades below the 0.618 Fib ($ 11.77) while attempting to evade a drop below the 0.382 Fib resistance at $7.30.
Bullish case: If bulls defend the $7.30 zone, MYX could climb toward $1.77 in the short term. A clean break above this level might pave the way for a retest of $14.95 and possibly a breakout to fresh highs.
Bearish scenario: If sellers regain control and MYX drops below $7.30, the token risks sliding to the 0.236 Fibonacci level ($4.53). A breakdown below this level could spark deeper losses, delaying recovery and exposing MYX to extended bearish pressure.
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.
