Bulls Step In for MYX Finance (MYX): Will the 10% Rally Build Into a Bigger Run?
- MYX Finance jumped 10%, reaching the $3.43 mark.
- MYX’s daily trading volume skyrocketed by 155%.
As the market momentum fluctuates, it results in bringing in mixed signals across the crypto assets. Some are charted in green, and the majority of the tokens are in red. The largest asset, Bitcoin (BTC), trades at $89.4K, and the largest altcoin, Ethereum (ETH), hovers around $3.1K.
Among the digital assets, MYX Finance (MYX) has moved counter to the prevailing trend. The asset opened the day trading at a bottom level of $3.00. With the bullish pressure gaining traction, the price has mounted to a high of $3.69, tested the key resistance zones between $3.06 and $3.63.
Upon a 10.42% jump in value over the last 24 hours, the MYX Finance price is trading at around $3.43 at press time. The market cap of the asset is resting at $859.29 million. In addition, the daily trading volume of MYX has skyrocketed by over 115.27%, reaching the $89.48 million mark.
Is MYX Finance Gearing Up for Another Price Leg Higher?
MYX Finance’s Moving Average Convergence Divergence line has moved above the signal line, which indicates a growing bullish trend. If the MACD continues to diverge above the signal line, it likely backs further upside. Besides, the Chaikin Money Flow indicator at 0.16 suggests positive money flow into the MYX market, reflecting steady buying interest. In case CMF remains above zero or rises further, it supports the bullish bias.
MYX chart (Source: TradingView)
The 24-hour Relative Strength Index (RSI) value of 61.92 points to moderate bullish momentum. The buying pressure is stronger than the selling pressure, but MYX is not yet overbought. A rise toward 70 increases the bullish strength. MYX Finance’s Bull Bear Power (BBP) reading of 0.6062 signals that the bulls are in control, reflecting improving market strength. Further bullish pressure reinforces the active trend.
Zooming in on the trading chart of MYX Finance, it exhibits a potential uptrend. As the green candles are lit up, the price might ascend to its crucial resistance at $3.55. A break above this range could trigger the bulls to hit above $3.68. On the flip side, assuming the bearish shift, the MYX Finance price could slip immediately toward $3.31. An extended correction on the downside might push the price even lower to the $3.17 level.
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