MYX Finance [MYX] has seen a period of consolidation above $10 following a significant 4x upswing. Recent projections suggested that late bulls could potentially see an additional 80% gain if they were able to defend the $10 level, which they successfully did. However, despite a bullish Fed rate cut, the price failed to rally above $18, prompting the question of whether the altcoin will continue to trade in a range-bound manner until Q4.
The current price action has seen MYX oscillating between $10 and $18 over the last 12 days, offering swing trading opportunities for traders. Should this sideways movement persist, there may be a shorting opportunity if the price weakens near $18, especially if Bitcoin also enters a consolidation phase. In such a scenario, the target for profit-taking would be $10, with the declining trading volume indicating potential weakness in price momentum.
However, if MYX manages to decisively break above $18 and establish it as a strong support level, a potential uptrend towards $28 could be on the cards. This bullish breakout could be confirmed by a breakout from the OBV channel.
Looking at the liquidation heatmaps, lower pockets of liquidity have been identified at $15, $14, and $10, indicating potential price floors in the event of a pullback. Traders may consider taking partial shorting profits at $14-$15 and the remainder at $10 to avoid missing out on gains if the price quickly reverses back to $18.
Overall, MYX is likely to continue its consolidation above $10, with the range levels serving as crucial targets for trading opportunities. However, a decisive move above $18 would invalidate this sideways projection, potentially paving the way for further upside momentum.
It’s important to note that the information presented is not intended as financial, investment, or trading advice, and is solely the opinion of the writer.
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Climate change is one of the most pressing issues facing our planet today, with far-reaching consequences for ecosystems around the world. One of the most concerning impacts of climate change is its effect on biodiversity, the variety of life forms on Earth.
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