In a recent AMBCrypto report, the down-only price action of MYX Finance [MYX] was highlighted. A short-term bullish divergence was noted, and a bounce to $1.5 was expected at that time.
MYX bulls were able to drive the bounce as high as $1.81. In doing so, a local bottom at $0.80 was formed. This level was retested as support once again in recent hours of trading.
AMBCrypto reported that $3 and $5 were the major longer-term swing resistances overhead. MYX bulls need to overturn these levels to establish an uptrend. As things stand, the altcoin looks more likely to set new lows than reclaim the overhead supply zones.
MYX buyer exhaustion explained
Source: MYX/USDT on TradingView
The 1-day timeframe’s price action illustrated the extremely tough job bulls have on their hands.
On Friday, the 20th of February, the rally rose as high as $1.816, but it lasted only a few hours. The daily session close was at $1.02, a far way from the highs.
It was classic buyer exhaustion.
An upward candle on high volume hunted down the imbalances and short liquidations overhead, as an earlier report warned it might. Short-term buyer enthusiasm and forced short liquidations can only keep the rally going for so long.
Since then, sellers have seized control emphatically.
In August 2025, MYX rallied swiftly from $0.15 to $2.5. Towards the end of that month, the price came back to the psychological $1 level to test it as support.
Therefore, now that this level was ceded to the bears, there was no long-term support nearby. It might seem dramatic to say that $0.15 was the next target, but technical analysis showed that this outcome is possible.
Source: MYX/USDT on TradingView
On the 1-hour chart, the imbalance between $0.75-$0.85 was a short-term target. A bounce to this area would likely present a selling opportunity. The OBV was making new lows and the MACD formed another bearish crossover.
Overall, the long and short-term expectations remained bearish for MYX.
Final Summary
- The failure to rclaim $1 as support meant that MYX could fall as far south as $0.15.
- In the short-term, a bounce to $0.80-$0.85 should be considered a selling opportunity.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
