Crypto Gainers: MYX Finance, Worldcoin lead gains while Story faces pullback
- MYX Exchange upholds the bullish trend for the fifth consecutive day.
- Worldcoin hits $2 as bullish momentum continues to surge following Eightco’s WLD treasury announcement.
- Story edges lower on Wednesday following a 22% jump on Tuesday.
Worldcoin (WLD), Story (IP), and MYX Finance (MYX) are leading the cryptocurrency market recovery over the last 24 hours. Worldcoin is at an eight-month high, and MYX Finance is in price discovery mode, poised for further gains. Meanwhile, Story risks top formation amid overbought conditions.
MYX Finance eyes further gains
MYX Finance edges higher by 8% at press time on Wednesday, building on the 2% gains from the previous day. The uptrend in MYX accounts for over 340% gains so far this week, with a record high of $18.50 on Tuesday.
The DEX token targets the 1.272 Fibonacci extension level at $17.60, which is retraced from the $1.13 low of Saturday to the $14.08 close of Monday.
The momentum indicators on the daily chart signal overbought conditions as the Relative Strength Index (RSI) at 96 moves flat. Still, the Moving Average Convergence Divergence (MACD) and its signal keep a steady rise, indicating a surge in bullish momentum.
On the downside, if MYX fails to uphold the $14.08 level, it could drop to the 78.6% Fibonacci level at $11.31.
Worldcoin maintains a bullish trend in motion
Worldcoin trades above the $2 mark at press time on Wednesday, extending by 6% on the day. The identity token has maintained its uptrend over the last six days, accounting for a 93% rise this week so far, mainly driven by the announcement of Eightco’s $270 million WLD treasury.
WLD trades above the 61.8% Fibonacci level at $1.96, which is drawn from the high of $4.19 on December 6, 2024, to the $0.57 low of April 7. A decisive close above this level could extend the Worldcoin rally to the 78.6% Fibonacci level at $2.73.
Adding to the bullish trend, the 50-day Exponential Moving Average (EMA) has crossed above the 100-day EMA, signaling a Golden Cross, which indicates that the short-term uptrend is gaining strength.
Still, the momentum indicators on the daily chart urge investors to remain cautious. The MACD and its signal line mark a linear rise with high-rising green histogram bars, indicating a significant surge in bullish momentum. However, the RSI at 85 flattens out in the overbought zone, suggesting a potential reversal.
Looking down, if WLD fails to uphold the 61.8% Fibonacci level at $1.96, it could retest the 50% retracement level at $1.55.
Story risks forming a top formation
Story edges lower by 1% at press time on Wednesday, following the 22% rise on Tuesday. The IP token has maintained an overall uptrend from the falling wedge pattern breakout in mid-July.
Still, the intraday pullback after retracing from its all-time high of $11.83 on the previous day signals overhead pressure due to profit-booking. If the pullback gains traction, the IP token could retest the R1 pivot level, which has now turned into a level of support at $9.56.
Adding to the downside risk, the momentum indicators flash overbought conditions on the daily chart. The RSI at 75 hovers above the overbought zone, which indicates a higher risk of trend reversal.
Still, the steady upward trend in the MACD and its signal line with successive rise in green histogram bars indicates a gradual rise in bullish momentum.
Looking up, a potential clean push above the R2 pivot level at $11.17 could further stretch the uptrend, targeting the R3 pivot level at $13.24.
Author
Vishal Dixit
FXStreet
Vishal Dixit holds a B.Sc. in Chemistry from Wilson College but found his true calling in the world of crypto.
