MYX Finance Breaks $2.5: Eyes on $4 Target?
MYX Finance Price Surge: What's Next?
MYX Finance [MYX] has broken through the $2.5 resistance level, a day after consolidating under $1.3 since late August. The altcoin experienced a significant rally, gaining 270% in a single week, supported by high trading volumes that indicate strong bullish sentiment.
Key Takeaways:
- MYX Finance has shown substantial gains fueled by strong trading volume.
- Traders and investors should monitor the $4 and $3.3 levels to anticipate the next price trend.
Analyzing the Potential for Further Gains
The immediate focus is on whether MYX can sustain its upward momentum and reach the $4 psychological resistance level.
Source: MYX/USDT on TradingView
On September 7th, MYX Finance surged by 167%, opening the day at $1.3. The token reached $3.49 by day's end and continued its ascent. The daily Relative Strength Index (RSI) reached 84.87, indicating overbought conditions. However, as historical data shows, an overbought RSI doesn't automatically trigger a price correction.
During a rally in early August, the RSI hit 90.56 on August 4th, followed by an additional 300% price increase over the subsequent two days, with the RSI reaching as high as 98. This illustrates that relying solely on the RSI to predict pullbacks can be unreliable.
Liquidation Levels and Short-Term Predictions
Source: Coinglass
Liquidation heatmap data suggests limited liquidity around the current market price compared to the $1.5-$2 range. In the short term, the $3.9 and $3.3 levels could act as significant price magnets.
A potential short-term trading range appears to be forming. If it holds, a dip to the $3.4-$3.5 range is plausible. A breakthrough above $4 would signal a continuation of the bullish trend.
Considerations for Long-Term Investors
Investors should note that only 20% of the total token supply is currently in circulation. A 75% unlock is scheduled by March 2028, which could dilute the token's value unless offset by increased demand.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice.