Key Takeaways
What’s next for MYX Finance’s price?
The altcoin could remain range-bound unless a strong catalyst shows up.
Can traders still benefit from MYX Finance?
Yes, swing traders can target the range high and low for opportunities if the consolidation extends.
MYX Finance [MYX] has consolidated its recent gains above $10 after a recent, massive 4x upswing. In fact, a recent AMBCrypto report had projected that late bulls could push for an extra 80% gains if they defend the $10-level.
Indeed, the $10 support was held, and the extra profit was made. However, the latest bullish Fed rate cut didn’t trigger a price rally higher above $18.
As expected, this raises an important question – Will the altcoin remain range-bound until Q4?
Will the price range extend itself?
Source: MYX/USDT, TradingView
Over the last 12 days, MYX has been oscillating between $10 and $18, offering swing trading opportunities.
If the sideways structure extends for the next two weeks, then the press time price weakness near $18 could offer a shorting opportunity. Especially if BTC also drops or enters a consolidation range too.
In such a case, the take-profit target would be $10. The declining trading volume, as shown by the downsloping OBV, further hinted at potential price momentum weakness.
Source: MYX’s OBV, TradingView
However, the thesis will be invalidated if MYX decisively moves above $18 and turns it into a firm support.
In such a scenario, an extended uptrend towards $28 could be more feasible. This might be confirmed by a bullish breakout from the OBV channel.
Will the pullback ease at $14 or $10?
Here, it’s worth pointing out that the liquidation heatmaps revealed lower pockets of liquidity at $15, $14, and $10. Simply put, these levels could be crucial magnets and likely price floors in case of a pullback.
Source: CoinGlass
So, partial shorting profits could be taken at $14-$15, and the rest scooped up at $10. This could help avoid round-tripping the gains if the price sharply reverses to $18 (a key upside liquidity).
Overall, MYX could extend its consolidation above $10, making the range levels crucial targets for trading opportunities. However, a sharp move above $18 would invalidate the sideways projection.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion