The price of Myx Finance (MYX) has exploded almost 1,500% over the past week, printing fresh highs just hours ago. With a trade of around $17.60 at press, the tokens cooled slightly, sliding 1.5% on the daily charts and consolidating in the past three sessions.
After this parabolic movement, some profit booking was expected. However, one “smart” cohort continues to be added, suggesting that this book-driven correction of profits is merely a short DIP before Myx’s price increases.
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Sales pressure and technical weakness indicate corrections
The first sign of a stock comes from a whale. Over the past seven days, whale wallets have sold around 339,499 Myx, worth nearly $5.9 million. Their total holdings are currently at 855,499 Myx.
The exchange also absorbs new supply, with balances rising to MYX of 8.23 million, totaling 98.73 million tokens, at its current price of around $143.6 million. The rising exchange expenditure usually suggests that the holder is preparing for sale, exerting more supply-side pressure.
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This sale has already been featured on the charts. In the 12-hour time frame, Myx Price increased the high, and the relative strength index (RSI) measured the measurements and slid to a lower high.
This “bearish emancipation” is a warning that buyers are losing their strength even as prices rise. In such a short time frame where only candles are available, this usually shows a pullback rather than a complete inversion.
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The Bull/Bear Power Index, which compares the power of buyers and sellers, tells a similar story. The bulls remained in control, but their control weakened. Together, these factors show a decline in bullish momentum and are more likely to pull back.
Why can Myx price pullback be restricted?
The momentum is cooled, but the four-hour chart shows that the correction may not evolve into collapse. The 12-hour chart offers a wide range of views, while the 4-hour view helps you track how DIPS unfolds within that big trend.
Myx Finance has been bound by range since September 9th, but the Smart Money Index (SMI) continues to rise. This means that short-term capital (the kind of looking for quick profits) is still being deployed in Myx Finance.
This rise in SMI is consistent with short-term bearish divergence. Sellers are putting pressure on them, but the dip on aggressive purchase shows is absorbed. This suggests that the fix is more likely to be a pullback within the uptrend than the start of the reversal.
The Smart Money Index (SMI) tracks capital activities that are often thought to be more informed or tactical.
Important Myx pricing levels are still important. Support will be displayed at $16.61 and $15.35.
When Myx’s price drops below $13.30, the bullish setup will be destroyed, and if it exceeds $18.66 per day, you can clear the path from $20.12 to $27.34.
