MYX Finance Soars 13% on Triangle Breakout, Eyes $0.12 Target
MYX Finance has seen a significant surge in price over the past 24 hours, up by more than 13%. This breakout comes after a prolonged downtrend and follows a period of consolidation that lasted for over a month. The altcoin's total gains over the past week have surpassed 26%, while its monthly change is positive at 8.34%.
The breakout occurred as MYX Finance broke out of a triangle pattern on its 4-hour chart, with bulls driving the price higher and pushing it towards the top of the triangle. The altcoin confirmed the breakout with a triple retest at $0.07226, which was also the level of resistance that had been breached.
The majority of top traders on Binance were long MYX Finance, with 75% holding long positions and only 25% shorting. This bullish sentiment was further reinforced by the RSI Divergence signaling a rising reading of 76.58. However, bears were still present at around $0.09, which may have contributed to the altcoin's struggles to surpass this level.
Despite these challenges, analysts believe that if MYX Finance can break through the current resistance level, it may surge towards $0.12, its most recent lower high (LH). Beyond this level lies a significant area of supply at $0.1582.