The price action suggests that MYX/USDT has been consolidating below the long-term descending trendline after an initial rapid ascent. The pattern is approaching a climax point where a significant directional move is imminent.
Diagonal Resistance (The Black Line): A long-term descending trendline is clearly visible, connecting multiple swing highs. The price is currently testing this key resistance level. This trendline has historically served as a strong ceiling for the price.
Major Horizontal Resistance (The Red Line): The all-time high (or a very strong previous peak) is marked by the red line near $18.68. This will be the ultimate target if a successful breakout occurs.
mmediate Support (The Green Line): The horizontal support level is located at $12.44. This level acted as a major point of previous resistance and now functions as the immediate floor following the recent upward move.
Strong Demand Zone (The Green Box): A solid area of support/accumulation is visible between the $8.00 and $9.00 range. This zone provided the base for the recent rally.
Diagonal Resistance (The Black Line): A long-term descending trendline is clearly visible, connecting multiple swing highs. The price is currently testing this key resistance level. This trendline has historically served as a strong ceiling for the price.
Major Horizontal Resistance (The Red Line): The all-time high (or a very strong previous peak) is marked by the red line near $18.68. This will be the ultimate target if a successful breakout occurs.
mmediate Support (The Green Line): The horizontal support level is located at $12.44. This level acted as a major point of previous resistance and now functions as the immediate floor following the recent upward move.
Strong Demand Zone (The Green Box): A solid area of support/accumulation is visible between the $8.00 and $9.00 range. This zone provided the base for the recent rally.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.