MYX’s Wild Ride: Will It Crash or Soar to the Moon?

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In the theater of finance, where fortunes rise and fall with the whims of the market, MYX Finance [MYX] has emerged as a peculiar actor, defying the general malaise with a performance worthy of a standing ovation. A 10.7% rally in the past 24 hours, coupled with a 40% surge in trading volume, has left spectators both bewildered and amused. While Bitcoin [BTC] sulks in the corner with a 2.29% decline, and the altcoin market weeps with a 2.97% loss, MYX prances on stage, oblivious to the drama.

The 1-day chart, a canvas of hope and despair, reveals a bullish shift in December, as if MYX had discovered a hidden script. Buyers, emboldened by this revelation, pushed prices above the $3.7-$4.0 supply zone, a barrier as stubborn as a Chekhovian landowning peasant. The 20 and 50-period moving averages, those faithful narrators of trend, have chronicled MYX’s ascent with quiet approval. Over the weekend, MYX defended the 50 DMA with the tenacity of a character in a Chekhov play, only to bounce higher, leaving onlookers to wonder if this is comedy or tragedy.

The OBV, however, remains as unmoved as a Chekhovian protagonist, reflecting a trading volume that has been as inconsistent as the affections of a fickle lover. Curiously, since mid-November, volume surges have occurred on weekends or Mondays, as if MYX traders prefer to conduct their affairs when the rest of the world is either resting or begrudgingly returning to work.

A range formation (purple), stretching between $4.58 and $7.30, has persisted since January, a stalemate as enduring as a Chekhovian family feud. The 50DMA at $4.63, coinciding with the range lows, provided a convenient excuse for MYX’s recent bounce, much like a character in a Chekhov play finding solace in a trivial coincidence.

What is expected next?

The liquidation map, a grim reminder of the market’s merciless nature, hints at greater long leverage around $4.58-$4.62. It is entirely possible that MYX, like a Chekhovian hero, will stumble once more into this liquidity cluster, only to rise again with renewed determination. To the north, short liquidation leverage looms up to $6.45, a potential pitfall for the overconfident.

Traders’ call to action – Buy the retracement

The 1-hour chart, a microcosm of MYX’s drama, displays a bullish structure and robust upward momentum. Lower timeframe traders, ever the opportunists, await a retracement to enter, ideally between $4.9-$5.1. As the liquidation chart ominously suggests, a retest of $4.58 is also a possibility, a twist in the plot that no one saw coming-or perhaps everyone did, but chose to ignore.

Final Thoughts

  • MYX Finance, with its 23% rise from the $4.63 local low, has demonstrated a resilience that borders on the absurd, much like a Chekhovian character clinging to hope in the face of inevitability.
  • While short-term momentum is strong, the longer timeframe chart reveals a range formation, with the upper extreme at $7.3, a ceiling as unyielding as the societal constraints in a Chekhov play.

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2026-02-03 00:07