MYX Finance has recorded another sharp drop, falling over 35% in the last 24 hours and extending its two-day loss to nearly 70%. The token now trades below $5.60, a steep fall from its recent peak of nearly $16. At the current valuation, its market cap has declined to just above $1 billion – raising the possibility that it could fall out of the top 100 cryptocurrencies if downward momentum continues.
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Technical Indicators Remain Bearish
Technical indicators remain bearish. The token is now trading below all short- and medium-term moving averages, with only the 100-day average remaining above the current price. The Relative Strength Index (RSI) has dropped to 39, indicating weakening momentum but still not yet in oversold territory. Momentum oscillators remain negative, and the Awesome Oscillator has now turned red as well.
From a charting perspective, the price is approaching the Fibonacci pivot support level around $4.84, which may offer a temporary floor if selling pressure slows. However, below that level, there appears to be limited historical support, with the next one at just $0.53. It’s also worth noting that many technical models may struggle to provide clarity in this case due to the extreme volatility and sharp swings in MYX’s recent trading history.
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Silence on Social Media Raises Concerns
Alongside the price decline, the project’s official communication channels have remained quiet. The MYX Finance account on X (formerly Twitter) has not published any new posts since September 29. There has also been no public acknowledgment of the recent price drop from the team.
Under the last post, user responses have grown increasingly critical, with many questioning the project’s silence. Some comments go further, calling the drop a rug pull or scam, showing a shift in sentiment among parts of the community.
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Volatility Persists Amid Lack of Clarity
The latest drop follows a period of highly volatile performance, during which MYX surged over 1,000% in a few weeks before entering this correction phase. At its peak, the token reached nearly $19, briefly ranking among the top 40 cryptocurrencies by market cap.
However, the reversal has been equally sharp, with MYX now down almost 70% from recent highs and trading below $5.60. With no confirmed updates from the team and continued market pressure, the short-term outlook remains uncertain.
