Cruel truth! Small cryptocurrencies are destined to fail! $MYX has become a leek crushing machine?
Based on the current market conditions, the 1-hour trend of MYX today can be summarized as a technical oversold rebound but with insufficient volume, potential negative news pressure, and deteriorating on-chain chip structure, with intra-day risks greater than opportunities.
Technical analysis: MYX has fallen from a high of 1.2 to 0.97, and although green bars have begun to appear on the 1-hour MACD, the DIF/DEA is still underwater, and the KDJ three lines show weak oscillations at low levels. Key resistance is at 1.05, support is at 0.95, and a drop below could accelerate the downward trend. Current volume has shrunk to below 20M, with weak rebound momentum.
News analysis: The project team has not released positive news to hedge against the decline, and there is a need to be wary of the risk of unlocking tokens that could cause a price drop; at the same time, if BTC falls below 113,000, it will exacerbate capital outflows.
On-chain data: Not directly provided but needs urgent monitoring: 1. Project team's wallet movements; 2. Net inflows to exchanges; 3. Contract positions.
Personal opinion: If the white market cannot break through 1.05 with increased volume, the downward trend will continue. A rebound to the 1.03-1.05 range could be a short opportunity, with a stop-loss set at 1.08; bottom fishing requires waiting for a spike signal below 0.95 and confirmation of a MACD golden cross. Small cryptocurrencies should avoid contrarian operations, and observe more and act less until on-chain data becomes clear.
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