MYX Price Soars 1,500%: Is This a Dip or a Dive? 🤔

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Ah, the tale of MYX Finance (MYX), a token that has surged nearly 1,500% in the past week-like a horse galloping freely across an endless steppe. Yet now, it seems to have tripped over its own hooves, slipping 1.5% on the daily chart and taking a breather for three sessions.

After such a wild ride, one might expect some profit-taking-a pause where traders scratch their heads and ask, “Is this the summit or just a pit stop?” But there’s always that “smart” money cohort, quietly accumulating like squirrels stockpiling nuts for winter. Perhaps this dip is nothing more than a sneaky little rest before MYX charges ahead again. Or perhaps not. 😏

Selling Pressure and Technical Weakness Whisper of Trouble Ahead

The first cracks in this grand façade appear from the whales-the giants who swim silently beneath the surface. Over the last seven days, they’ve unloaded about 339,499 MYX tokens, worth close to $5.9 million. Their holdings now stand at 855,499 MYX, as if they’re saying, “We’ll take our winnings, thank you very much.”

Meanwhile, exchanges are filling up with fresh supply. Balances climbed by 8.23 million MYX to a total of 98.73 million tokens-roughly $143.6 million at current prices. Rising exchange balances often signal that holders are preparing to sell, adding pressure like a kettle ready to whistle. 🚀

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This selling frenzy has begun to show itself on the charts. On the 12-hour timeframe, the MYX price reached a higher high while the Relative Strength Index (RSI) slipped to a lower high. A classic “bearish divergence”-a polite way of saying, “Buyers, your energy is fading!” Although, given the short time frame, this might just be a quick nap rather than a permanent collapse. 😴

The Bull/Bear Power Index echoes this sentiment. Bulls remain in control but seem slightly winded. Together, these signs suggest bullish momentum is waning, making a pullback increasingly probable. Like a weary traveler pausing under a tree, MYX may simply need a moment to catch its breath. 🐢

Will the Correction Be a Gentle Breeze or a Hurricane?

Despite cooling momentum, the 4-hour chart hints that this correction may not spiral into chaos. The 12-hour chart offers a sweeping panorama, but the 4-hour view provides crucial details about how dips play out within the larger trend.

Since September 9, MYX Finance has been range-bound. Yet the Smart Money Index (SMI) continues its ascent, showing that short-term capital-the kind seeking quick thrills-is still pouring in. Sellers push down, buyers absorb, and the cycle repeats. It’s almost poetic, isn’t it? 🎭

This rise in SMI aligns with the bearish divergence. Sellers apply pressure, but active buying suggests dips are being gobbled up like leftover pie. Thus, this correction seems more like a temporary retreat than the start of a rout. 🍕

Key support levels loom at $16.61 and $15.35. A drop below $13.30 would shatter the bullish dream, while a daily close above $18.66 could pave the way toward $20.12-$27.34. Will MYX soar like an eagle or stumble like a clumsy bear? Only time will tell. ⏳

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2025-09-12 02:43