MYX Price Prediction: September's rise pulled back, volume big dump, is the hope for a rebound to $19 slim?

The native Token MYX of the decentralized Perptual Futures exchange MYX Finance is currently trading at around 2.93 USD. Although the Token surged by 1,878% in less than 10 days in September (from 0.96 USD to 19 USD), it has since experienced a deep pullback, giving back almost all of its gains. As MYX fell below 10 USD, the volume has significantly shrunk. Given the extremely weak sentiment in the current alts market, unless there is a surge in trading volume far above the daily average, it will be difficult for MYX to rebound to 19 USD again.

Depth pullback: MYX falls back to the starting point of the big pump in September

MYX Finance achieved an astonishing rise in September, but the market's rapid reversal has almost wiped out these gains.

· Support level invalidation: Market participants had hoped that the key Fibonacci retracement level could act as support, with the 78.6% retracement level (4.82 USD) once serving as support.

· Price crash: Affected by Bitcoin's drop from 126k USD to 102k USD, the MYX price retraced all the gains from September, temporarily falling to a low of 0.886 USD, and then rebounding to a short-term local high of 4.33 USD.

Volume Shrinkage and Bearish Momentum Dominance

Technical indicators show that selling pressure continues to exist, and buying demand has not yet formed a sustained upward trend.

· OBV is slowly declining: The daily chart shows that the On-Balance Volume (OBV) is slowly declining, indicating that selling pressure still exists. Traders should pay attention to the sustained demand and upward trend of the OBV to support the view of a price recovery.

· Futures Trading volume has decreased: The 24-hour Perptual Futures trading volume of this DEX was $260 million at the time of writing. While this is a healthy number, it has decreased compared to $330 million at the end of August.

Short-term Expectation: Key Resistance to Break Free from Bearish Structure

MYX's recent fluctuations are partly due to last Friday's altcoin sell-off.

Necessary Conditions for a Short-term Rise

· Support Conversion: If $4.33 can convert into a support level, MYX may regain short-term strength. Before this, the market structure on the daily and 4-hour charts remains bearish.

· Market structure reversal: Before turning to a bullish outlook, the market needs to see clues that buyers are in control. This will happen after MYX breaks above the origin point of last week's bearish impulse wave - the swing high of $5.6.

Early Clues of Momentum Indicators

· OBV deceleration: Although OBV is still in a downward trend, its rate of decline has slowed down in the past three days.

· MACD close to zero line: The Moving Average Convergence Divergence (MACD) is rising towards the zero line. A bullish MACD crossover will be an early clue that momentum is shifting.

· Macroeconomic linkage: If Bitcoin rebounds to 114k USD, it may also reverse the market sentiment of MYX in the short term.

Conclusion

MYX Finance has experienced a complete pullback after the amazing rise in September, showcasing the extreme vulnerability of alts in the absence of strong fundamental support. Currently, the technical structure of MYX still leans bearish, with $5.6 being the key resistance that will determine whether the market structure can reverse. In the context of a lack of significant increase in volume and the macro environment continuing to improve, the hope for MYX to return to the $19 high remains slim.

Disclaimer: This article is for informational purposes only and does not constitute any investment advice. The cryptocurrency market is highly volatile, and investors should make decisions cautiously.