Will MYX Finance surpass $10 by Q4 of the current year?
In the past week, MYX Finance [MYX] has been oscillating between $10 and $18, consolidating its price after a significant 4x upswing. This sideways structure could present a shorting opportunity near $18 if it persists for the next two weeks, according to recent analysis.
The data source for the OBV (On Balance Volume) is TradingView, which shows a declining trend, suggesting potential weakness in price momentum. The liquidation heatmaps, sourced from CoinGlass, indicate potential price floors at $15, $14, and $10, which could be crucial magnets and likely price floors in case of a pullback.
A recent report suggests that late bulls could push for an extra 80% gains if they defend the $10-level. However, partial shorting profits could be taken at $14-$15, and the rest scooped up at $10 to avoid round-tripping gains if the price sharply reverses to $18.
The take-profit target for a potential short position would be $10. It's worth noting that a sharp move above $18 would invalidate the sideways projection for MYX Finance [MYX].
Swing traders can target the range high and low for opportunities if the consolidation extends. The current state suggests that MYX Finance [MYX] could remain range-bound unless a strong catalyst shows up.
The latest bullish Fed rate cut did not trigger a price rally higher above $18, indicating that the altcoin's price has not yet rallied as expected. No specific Q4 predictions are provided in the text regarding the price range extension.
The possibility that the MYX Finance price will move between $10 and $18 in the next weeks depends on several factors. These include whether MYX Finance can achieve real adoption and differentiate itself from competitors, the current hype and profit-taking patterns, technical indicators, potential regulatory concerns, and market manipulation allegations.
A typical scenario after an explosive rise includes a sharp correction driven by profit-taking and regulatory fears, while a less likely alternative is a consolidation in a stable price range after a moderate correction. Overall, key factors influencing this price range are market sentiment, adoption success, technical support levels, and regulatory environment.
Lower pockets of liquidity at $15, $14, and $10 could be crucial in determining the price direction if a pullback occurs. If the sideways structure persists, it's important for traders to closely monitor these levels for potential trading opportunities.
An extended uptrend towards $28 could be more feasible if MYX decisively moves above $18 and turns it into a firm support, and confirmed by a bullish breakout from the OBV channel. However, without a strong catalyst, it's uncertain whether MYX Finance [MYX] will break out of this range-bound price action in the near future.
