MYX Finance (MYX) Rockets 80%: Trend Reversal Confirmed or Rally Running on Fumes?

• MYX Finance jumps 80%, climbing to the $1.70 mark.
• Trading volume of MYX has exploded by over 160%.

As of 20th February, with a 1.10% spike in the crypto market, most of the digital assets are charted in brief green. Still, the red trait is seen, and the largest asset, Bitcoin (BTC), is one step up from the former support zone, hovering at $67.7K. The largest altcoin, Ethereum (ETH), is on the same page, trading at $1.9K, with bears. 

Among the pack of altcoins, MYX Finance (MYX) has jumped by over 80.41% in value in the last 24 hours. The asset’s lowest and highest trading zones were noted between $0.8124 and $1.73, respectively. This recent surge sees the MYX Finance price trading at $1.71. Besides, the daily trading volume of MYX has exploded by over 160%, to $87.35 million.  

MYX price (Source: CMC)

MYX Finance’s recent trading chart reveals that the bulls are preparing to take charge. If the green candles are fully equipped, the price could rise to the resistance at around $1.93. Further upside triggers more gains with the emergence of the golden cross. On the flip side, assuming the asset takes the bearish turn, the MYX Finance price might drop to its key support range below $1.49. With the bearish correction intensifying, the price action could see deeper losses, and the death cross would take place. 

Is MYX Finance on the Verge of a Complete Bullish Reversal?

The MACD and signal lines of MYX Finance are below the zero line, indicating the downtrend has dominated recently. As MACD is moving above the signal line, attempting to approach the zero level, and bearish pressure may be easing. If this recovery continues, a shift in momentum occurs. 

In addition, the CMF indicator, which measures whether capital is flowing into or out of an asset. It is likely found at -0.11, suggesting moderate selling pressure in the MYX market. Significantly, this negative value shows that the money outflow is outweighing the inflow, bringing distribution.

MYX Finance’s RSI is positioned at 56.94 signals moderate bullish sentiment. It is above the neutral level, 50, and the buyers have the edge. The asset is not in the overbought zone, and it has enough room for further upside. Furthermore, the BBP reading of MYX is staying at 0.4849 implies strong bullish strength. Since the value is above the zero mark, the buyers are firmly in control, and the upward momentum appears steady and solid.

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