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The stock of MYX Finance rose by 10%, reaching $3.43.
The daily trading volume of MYX stock saw a massive increase of 155%.
Amid market momentum fluctuations, mixed signals are appearing in the performance of cryptocurrencies. Some are depicted in green, while most are in red. Bitcoin (BTC), the largest cryptocurrency, is trading at $89.4 thousand, while Ethereum (ETH), the largest altcoin, hovers around $3.1 thousand.
Among cryptocurrencies, MYX Finance (MYX) has moved against the prevailing trend. The currency opened its trading at a low of $3.00. As upward pressure strengthened, the price rose to $3.69, testing key resistance levels between $3.06 and $3.63.
After rising by 10.42% over the past 24 hours, MYX Finance is currently trading at around $3.43. The market capitalization of the currency is $859.29 million. Additionally, the daily trading volume of MYX has increased by more than 115.27%, reaching the mark of $89.48 million.
Is MYX Finance preparing for a new upward wave?
The Moving Average Convergence Divergence (MACD) line for MYX Finance stock has crossed above the signal line, indicating an increasing upward trend. If the MACD divergence remains above the signal line, it is likely to support further increases. Additionally, the Chaikin Money Flow (CMF) indicator at 0.16 suggests positive cash flow into the MYX market, reflecting ongoing buying interest. If the CMF remains above zero or rises further, it supports the upward trend.
MYX chart (Source: TradingView)
The Relative Strength Index (RSI) over 24 hours, at 61.92, indicates moderate upward momentum. Buying pressure is stronger than selling pressure, but MYX stock has not yet reached overbought territory. A rise towards 70 reinforces the upward trend. The Buying and Selling Pressure (BBP) for MYX Finance stock, at 0.6062, indicates buyer dominance, reflecting an improvement in market strength. Increased upward pressure supports the active trend.
Upon examining the chart for MYX Finance stock, a potential upward trend appears. With green candles lighting up, the price may rise to a critical resistance level at $3.55. A breakout above this range could push buyers to exceed $3.68. Conversely, assuming a downward shift, the price of MYX Finance stock may drop directly towards $3.31. An extended downward correction could lower the price further towards the level of $3.17.$MYX
