MYX Finance tokens have been recovering since their sharp drop on May 23. Foreign media believe this rebound is based on the liquidity clearing following the previous rapid decline; as selling pressure eased, buying regained the upper hand, and the price has moved below the previous area of strong resistance.

Continued recovery after the May lows

The report mentioned that MYX had previously fallen rapidly from nearly $0.28 to about $0.165, after which selling pressure eased significantly. The price subsequently recovered to $0.20 and $0.21, and further rose to the $0.215 to $0.230 range.

According to the data in the article, the MYX once rose to about $0.252, a single-day increase of nearly 6.9%. Another set of updated data shows that the price subsequently approached $0.257, with an intraday increase of about 9.2%.

Buying momentum still prevails

Foreign media reports indicate that current momentum indicators remain strong. The article mentions that the Relative Strength Index (RSI) has risen above 72, and the MACD continues its upward trend with a bullish crossover, suggesting that buyers are continuing to absorb selling pressure from above.

The article also points out that previous resistance levels have begun to act as support areas during pullbacks, indicating an improvement in the short-term structure. If the price finds support near $0.23, the foundation for a rebound will be further solidified.

The next target is $0.275 to $0.295.

Looking at a more granular range, the report considers $0.241 a key retracement level that has been recovered, and states that the price is approaching $0.265. A further break above this level would see the MYX move below the major resistance zone of $0.275 to $0.295.

The article argues that this area repeatedly suppressed the upward momentum in April and May, making it a key test for this rebound. If buying continues and a breakout is achieved, prices could potentially approach the previous swing high of approximately $0.285.