MYX Finance (MYX) has been making waves in the cryptocurrency world, thanks to an explosive 1,500% price increase over the last week. While the token recently hit a fresh all-time high of $17.60, profit-taking has caused a slight dip of 1.5% on the daily chart, leading investors to ask: Is this the beginning of a larger pullback or just a healthy correction?
Whales and Supply-Side Pressure
Recent activity from whale wallets shows signs of profit booking. Over the past week, large holders sold approximately 339,499 MYX, worth nearly $5.9 million. Meanwhile, exchange balances swelled by 8.23 million MYX, indicating increased supply-side pressure as holders prepare to sell more tokens. These shifts often signal potential short-term downward pressure on prices.
Technical Analysis: Cooling Momentum
Key indicators such as the Relative Strength Index (RSI) and Bull/Bear Power Index are showing cracks in bullish momentum. On the 12-hour chart, RSI registered a bearish divergence, suggesting buyers are losing strength despite the token’s recent highs. However, on shorter time frames, this might represent a pullback rather than a full-blown reversal.
Smart Money Engagement
Despite the cooling momentum, the Smart Money Index (SMI) reveals ongoing activity from informed investors. Short-term capital continues to flow into MYX, with active buying showing dips are quickly absorbed. This indicates that the current correction could be part of a broader uptrend rather than the end of it.
Key Levels to Watch
Support levels for MYX lie at $16.61 and $15.35, while a drop below $13.30 would challenge its bullish structure. On the flip side, clearing the $18.66 resistance level could pave the way for a rally toward $20.12–$27.34, showing significant upside potential for the token.
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Remember, all investment decisions should be based on your own research and financial goals. Cryptocurrency markets are volatile, and consulting a financial advisor is always recommended for personalized advice.
