After weeks of intense selling pressure, MYX Finance has entered a critical phase. The token has suffered a sharp decline amid a broader bear market in the crypto market.
Massive profit-taking and forced exits accelerated the decline. MYX is currently the focus of concern among traders.
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MYX Finance Token Form History
The correlation between MYX and Bitcoin has changed rapidly since February 8th. The coefficient improved from minus 0.42 to plus 0.47. This change shows that MYX is increasingly tracking Bitcoin price movements.
However, this adjustment comes with risks. Since February 8, Bitcoin has continued to decline in value without any meaningful recovery. A stronger positive correlation suggests that MYX may continue to reflect Bitcoin weakness. Barring a breakout in BTC, the bearish situation may continue for MYX.
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Money flow indicators highlight the intensity of the recent sell-off. This indicator points to severe capital outflows as investors rush to unwind their positions. Panic selling coupled with leveraged liquidations increased downward pressure.
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This wave of capitulation sent MYX into oversold territory for the first time in trading history. Oversold conditions usually indicate that the sell-off may slow with the intervention of value-oriented buyers. Such indicators often precede short-term relief rebounds.
However, context is important. An oversold signal alone does not guarantee a quick recovery. Broad market weakness and fragile sentiment could delay accumulation. If Bitcoin fails to stabilize, MYX may struggle to attract new capital despite the extreme technical reading.
MYX price is unlikely to rebound
MYX price has fallen nearly 30% in the past 24 hours. At the time of writing, the token is trading at $1.50. This sharp decline further extends the 70% decline recorded since February 8, reinforcing the magnitude of the correction.
Current technical and macro signals point to further downside risks. If the correlation with Bitcoin continues and capital outflows continue, the pressure on MYX could decrease. A possible retest of the $1.22 level is possible before the oversold situation triggers meaningful stabilization.
Conversely, investor behavior may change faster than expected. Momentum could change if holders stop selling and start accumulating at a discount. A return to the $1.68 support level would signal an early recovery. If the rebound is confirmed, MYX price could head towards above $2.01, potentially invalidating the general bearish outlook.
