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#DeepCreationCamp Here is a technical analysis of the MYX/USDT chart.
$MYX
Overall Sentiment: Strongly Bearish
The asset is currently trading at $0.4056, showing a significant -17.63% decline over the analyzed period. The price action suggests a breakdown from a consolidation range.
Key Technical Levels
· Current Price: $0.4056
· 24h High: $0.5529 (Resistance)
· 24h Low: $0.3855 (Immediate Support)
· Upper Bollinger Band (UB): $0.5082 (Dynamic Resistance)
· Middle Bollinger Band (MA): $0.4345 (Immediate Resistance)
· Lower Bollinger Band (LB): $0.3609 (Dynamic Support)
Indicator Analysis
1. Bollinger Bands (20,2)
· Breakdown Confirmation: The price has broken decisively below the middle band (basis) at $0.4345.
· Volatility Expansion: The bands are wide, and the price is riding the lower band. This indicates high volatility and strong bearish momentum. The next major support is the lower band at $0.3609.
2. Parabolic SAR (Stop and Reverse)
· Bearish Signal: The Parabolic SAR dots are currently positioned above the candles at 0.4621.
· Trend Direction: This confirms that the trend is bearish. The price would need to break and close above 0.4621 for a potential trend reversal signal.
3. Price Action & Trend
· Lower Highs: The chart shows a classic downtrend structure, moving from a peak of ~0.5721 down to the current lows.
· Break of Structure: The recent sharp decline suggests a break of market structure, shifting momentum firmly in favor of sellers.
Short-term Outlook (1h Chart)
· Immediate Resistance: The price is likely to face selling pressure near the broken support level of $0.4345** (Middle Bollinger Band) and the Parabolic SAR at **$0.4621.
· Immediate Support: The next critical support level is the 24h low of $0.3855**. A break below this level could trigger further downside toward the Lower Bollinger Band target of **$0.3609.
Summary
The technical structure is bearish. The price is trading below key moving averages and indicators. Traders should watch for a potential retest of the $0.4345 level to gauge selling pressure. Until the price reclaims that level, the path of least resistance remains to the downside.