MYX Finance has recorded a sharp decline, falling over 40% in the past 24 hours. The token dropped from just under $16 to a low of $8.90, marking its lowest point since September 8 – the day it began its rapid ascent.
While the broader crypto market is showing strength, with Bitcoin up nearly 10% this week and large-cap assets like Solana (+17%) and BNB (new ATH) extending gains, MYX has moved in the opposite direction. It currently stands as the day’s worst-performing asset among the top 100 coins by market cap.
Read also: MYX Finance Drops 26% – Volatility Returns as Airdrop Scandal Grows
Technical Indicators Turn Bearish
Technical indicators are starting to reflect the change in trend. The relative strength index has cooled to 45, pointing to a more neutral position, though still not in oversold territory. Stochastic RSI remains above 3, and while momentum indicators have turned negative, the Awesome Oscillator still shows a slightly positive value. MYX has also broken below its short-term moving averages, all of which had recently hovered above the $10 level.
From a Fibonacci retracement perspective, MYX is close to the $11.80 zone, which may act as support in the short term. A failure to hold that level could open the path toward deeper retracement, with the $4.84 level representing the next potential support based on historical pivots.
Read also: How to recognize a crypto presale scam? Full guide
Is This Just Another MYX Swing?
Today’s drop adds to the history of high volatility seen in MYX since early September, where multiple rallies and corrections have occurred within short windows. The current price movement does not mark the first time the token has shed value quickly – but it is the steepest single-day loss since its initial rally began.
Despite the size of the drop, MYX remains well ithin the top 100 cryptocurrencies, and past price action has shown that the token can recover just as quickly as it declines. Whether this latest correction signals a longer-term trend shift or just another phase in its broader volatility cycle remains to be seen.
