What to Know:
- MYX fell 6.25% in 24h after a 1,306% 30-day surge, showing profit-taking and correction risks.
- Technicals remain overheated (RSI 74.91), while whales sold $2.15M post-unlock.
- MYX Finance’s V2 upgrade with zero-slippage trading keeps long-term optimism alive.
After one of the biggest price jumps in the cryptocurrency market this year, MYX Finance (MYX) has taken a break. The token dropped 6.25% in the last 24 hours, which is worse than the overall crypto market, which rose 1.58% during the same time. The pullback comes after a 30-day rally that saw prices rise by 1,306%. This is a clear sign that momentum is slowing down.
Myxed Warning Signs
Reports state MYX token is seeing a tug-of-war between bullish momentum and bearish bets. On one side, the rally suggests buyers are still in control. On the other hand, funding rates are plunging, which means many traders are starting to short the token, expecting a correction.
Analysts also noted that MYX’s sudden 41% spike resembled a short squeeze. That forced bearish traders to cover their positions, adding fuel to the pump. But once the squeeze passes, volatility often flips the other way. A trader pointed out that MYX token’s $17B FDV with $1.5M open interest suggests trading is being heavily dominated by a single player.
Profit-Taking After Extreme Rally
As reported previously, the MYX Finance token rallied 27,000% in just three months, hitting a market cap of $3.2 billion. Such sharp gains rarely last without turbulence. Short-term traders, especially those who bought near $16.36, appear to be cashing out profits, creating selling pressure.
This isn’t the first time MYX has seen this pattern. In August 2024, the token shot up 2,000% in just two days, but then it fell 58% very quickly. If support levels break, analysts say the latest correction could go the same way. The $14.95 level is now a key Fibonacci level that traders are keeping an eye on. If it stays below that level for a long time, it could lead to a bigger drop.
Technicals Signal a Cooldown
From a technical point of view, MYX Finance was sending out warning signs even before the recent drop. The RSI had reached 98, which is a very overbought level, and the MACD histogram had begun to show weaker bullish momentum.
The RSI is currently at 74.91, which is still above the “overbought” level of 70. This means that the MYX token is still too hot and may have to sell more before it settles down. The 7-day simple moving average, which is now about $12.85, is acting as temporary support. If this level breaks, the price could drop more quickly.
Whale Activity Adds Pressure
Whale behavior is another thing that made MYX go down. On-chain data shows that large wallets with more than $1 million in MYX Finance cut their holdings by 17% this week.
Hack VC sold $2.15 million worth of MYX right after a token unlock on September 8, which added to the pressure. Prices are still sensitive to concentrated selling because only 19.7% of MYX tokens are in circulation, and 80% are still locked. Future unlocks might also test the market. In September, about 39 million MYX tokens will be available for trading. If whales decide to sell, this could cause more volatility.
Long-Term Potential Still in Play
MYX Finance has grown and come up with new ideas quickly, despite short-term risks. The platform’s V2 upgrade, which promises zero-slippage trading, just came out. This could bring in more liquidity and institutional players in the future. MYX Finance is also known for being one of the more aggressive players in DeFi. People are comparing its quick rise to past meme-fueled rallies, but MYX backs its token with ongoing development.
The amount of trading has also gone up a lot, especially since new listings like WLFI, LINEA, and RHEA on MYX Exchange and promotion events have gotten a lot of attention. But sometimes, a lot of hype can quickly change the direction.
Conclusion
MYX Finance’s 6% drop looks like a healthy correction after a near-parabolic climb. Profit-taking, technical exhaustion, and whale selling have all played their part. For now, traders should be cautious. The rally has shown that MYX can capture attention, but history shows that what rises fast can also fall fast.
Also Read: CZ Predicts 10,000x Growth as BNB Price Soars to New ATH
