MYX Finance has been garnering investors’ attention in the cryptocurrency market over the past few days with its impressive price gains and growing popularity. With a nearly 500% surge in a month, MYX Finance has left the community wondering where the token is heading.
Notably, the cryptocurrency’s recent performance has been nothing short of spectacular, with its price skyrocketing from an all-time low of approximately $0.17 to around $19 in September, marking a staggering 40,000% increase.
While this impressive surge has caught the attention of investors and analysts alike, experts predicted the cryptocurrency’s potential to maintain this bull run. However, defying expectations, the MYX Finance price declined, sparking caution. Now, all eyes are on the token’s movements to see if it rebounds.
MYX Finance Price Dips Despite Bullish Predictions
After a meteoric rise that sparked investor optimism across the global crypto space, MYX Finance has experienced a significant downturn, plummeting to a lower level. The asset, which saw its impressive all-time high just days before, has now retreated, leaving the community in anxiety and panic. The rapid decline has sparked concerns about the altcoin’s sustainable growth and potential for further losses.
As of press time, the MYX coin price is recorded at $10.45, down by 3.5% in a day. Despite this daily dip, the crypto is up by 70% and 429% in a week and a month, respectively. This trend reversal has sparked a negative sentiment within the community, deterring investors from engaging with the token. This bearish sentiment is evident from the 24-hour trading volume, which has plummeted by nearly 20%, currently at $196 million.
Analysts like BitcoinHabebe had recently shared their bullish predictions on MYX Finance’s potential trajectory. In an X post, BitcoinHabebe highlighted the formation of a descending triangle on the MYX Finance price chart. He pointed out that the token managed to surge past its critical support level at $10.852, despite the overarching bearish trend.
This suggested that the token was gearing up to continue its massive uptrend in September. According to BitcoinHabebe’s prediction, MYX Finance is poised to reclaim its previous high levels of $13 to $16.
However, MYX Finance failed to keep its momentum and took a bearish reversal, now dipping below its support level. This downfall has sparked investor concern, with many anticipating a bearish trend imminent for MYX Finance.
Rally Fades, Downturn Wins
Significantly, MYX Finance’s current downturn comes on the heels of a recent rally that provided historic gains for investors. As per previous reports, the MYX token secured a massive $1,400% in just seven days, hitting nearly $18.
Notably, this rally was driven by major factors, including strategic partnerships, exchange listings, and investor interest. One key reason was the listing of World Liberty Financial’s WLFI token on September 5. Another possible reason was the anticipation of the upcoming V2 upgrade, expected to bring zero-slippage trading, cross-chain support, and improved user experience.
Binance Alpha’s listing of the token in the list of top-performing airdrops has also garnered significant attention for MYX Finance. This led to a surge in trading volume, which also positively impacted the token price.
What Led to This Fall?
Reportedly, the current downfall of MYX Finance is driven by the recent accusations of a “Sybil attack” manipulation. Blockchain analytics firm Bubblemaps claimed that the platform gained $170 million in airdrop rewards using 100 identical addresses.
Even though the platform denied the accusations, asserting that the “Cambrian” campaign was an anti-Sybil initiative designed to prevent bot activity and wash trading, the token price saw a surprising decline. The controversy and manipulation allegations against MYX Finance invoked FUD and forced holders to execute massive sell-offs, triggering a significant 25% correction on the day.
