Although the price is deeply oversold and there is a short-term rebound demand, the upper moving average system is forming strong resistance. A better strategy is not to chase the already significant decline but to patiently wait for the price to correct to the key supply zone (3.30-3.40). This zone is a dense area for bears to set up defenses. Once selling pressure reappears here, it is highly likely to trigger a new rapid decline, offering a better risk-reward ratio.
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$MYX Deep oversold signs are emerging, but the macro downward channel remains intact, and the bears are waiting for a rebound to take profits.
Go short now $MYX
Entry: 3.30 – 3.40
Stop loss: 3.50
First target: 2.88
Second target: 2.70
Third target: 2.50
Although the price is deeply oversold and there is a short-term rebound demand, the upper moving average system is forming strong resistance. A better strategy is not to chase the already significant decline but to patiently wait for the price to correct to the key supply zone (3.30-3.40). This zone is a dense area for bears to set up defenses. Once selling pressure reappears here, it is highly likely to trigger a new rapid decline, offering a better risk-reward ratio.
Trade $MYX here 👇