I just added to my position at $MYX , bringing it to a larger size than before. The trade details and current holdings are shown in the attached image.
On the chart, this asset took a sharp dive today, falling nearly 14%, and support near the previous low has once again become the focus. It is now in a low-price zone following the decline, with short-term moving averages weighing on the price. For now, any rebound should be viewed as a recovery, not the start of a new trend. Whether it can stabilize depends not on a single bullish candle, but on whether it can hold above the previous low, consolidate on lower volume after the sell-off, and then make another attempt higher on increased volume.
The bullish case is straightforward: this is where the most thorough exchange of tokens takes place. Most of those willing to sell have likely already done so, so even modest buying pressure could trigger a sharp rebound. The risk is that if the previous low is decisively broken, support below will thin out, and the position I just added to will immediately be under pressure.
The project’s narrative is about on-chain perpetual contracts—bringing derivatives trading onto the blockchain. This theme was very popular a couple of years ago, but is now in a cooling-off period after losing momentum. Investors buy into the story, but only trade it short-term during oversold rebounds; they are unwilling to assign it a long-term valuation. So its price action seems more sentiment-driven than fundamentally driven.
Today, one analysis linked the nearly 14% pullback to selling pressure, essentially warning that support could fail. This news neither strengthened nor overturned the original narrative; it simply made short-term sentiment more cautious.
The next thing to watch is whether the previous low holds. If it does, that would be a recovery; if not, the search for a bottom starts another round.
On the chart, this asset took a sharp dive today, falling nearly 14%, and support near the previous low has once again become the focus. It is now in a low-price zone following the decline, with short-term moving averages weighing on the price. For now, any rebound should be viewed as a recovery, not the start of a new trend. Whether it can stabilize depends not on a single bullish candle, but on whether it can hold above the previous low, consolidate on lower volume after the sell-off, and then make another attempt higher on increased volume.
The bullish case is straightforward: this is where the most thorough exchange of tokens takes place. Most of those willing to sell have likely already done so, so even modest buying pressure could trigger a sharp rebound. The risk is that if the previous low is decisively broken, support below will thin out, and the position I just added to will immediately be under pressure.
The project’s narrative is about on-chain perpetual contracts—bringing derivatives trading onto the blockchain. This theme was very popular a couple of years ago, but is now in a cooling-off period after losing momentum. Investors buy into the story, but only trade it short-term during oversold rebounds; they are unwilling to assign it a long-term valuation. So its price action seems more sentiment-driven than fundamentally driven.
Today, one analysis linked the nearly 14% pullback to selling pressure, essentially warning that support could fail. This news neither strengthened nor overturned the original narrative; it simply made short-term sentiment more cautious.
The next thing to watch is whether the previous low holds. If it does, that would be a recovery; if not, the search for a bottom starts another round.
