MYX Finance Price Crashes 38% In 24 Hours After Separating From Bitcoin
MYX Finance plunged 38% amid a growing disconnect from Bitcoin. With RSI bearish and support at $5.00 in play, the token faces mounting pressure.
MYX Finance has witnessed a dramatic collapse in its market value, plunging by nearly 67% over the past week.
The altcoin’s ongoing sell-off reflects a growing disconnect from Bitcoin, which has surged to new all-time highs. Investors appear increasingly uncertain about MYX’s recovery potential amid this divergence.
MYX Finance and Bitcoin Part Ways
The Relative Strength Index (RSI) highlights MYX Finance’s bearish shift. The indicator is currently lodged below the neutral 50.0 mark, firmly within the bearish zone. This shows that positive momentum has vanished, leaving sellers in control. MYX’s inability to attract buying pressure has reinforced concerns about sustained downward movement.
Adding to this, MYX is still far from entering the oversold zone, suggesting there is room for further decline before a potential reversal. The lack of bullish signals indicates that traders remain hesitant, preferring to wait for stabilization before reentering. This sentiment paints a bleak short-term outlook, as bears continue to dominate the market.
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MYX RSI. Source:
TradingView
MYX’s broader momentum is weakening further due to its detachment from Bitcoin’s trend. The altcoin’s correlation with BTC has dropped to -0.32, indicating an inverse relationship between the two. This negative correlation is alarming, especially since Bitcoin reached a new all-time high today, leaving MYX moving in the opposite direction.
Historically, MYX benefited from Bitcoin’s strength, as market optimism often spilled over into smaller altcoins. However, the current divergence suggests investors are rotating capital away from MYX, amplifying its volatility. As Bitcoin’s momentum grows, MYX may continue to face pressure unless it reestablishes alignment with the broader market trend.
MYX Correlation To Bitcoin. Source:
TradingView
MYX Price May Lose $5.00
MYX Finance’s price is down by 37.6% in the past 24 hours, trading at $5.16 at the time of writing. The token barely holds above its crucial psychological support of $5.00, which could determine its next directional move.
The recent breakdown below the 50-day exponential moving average (EMA) confirms short-term bearishness, supporting the signals from technical indicators. If selling continues, MYX could slip beneath $5.00 and fall toward $3.45 in the coming sessions.
MYX Price Analysis. Source:
TradingView
Alternatively, if investors step in to accumulate at discounted levels, MYX could see a relief rally. A rebound from $5.00 might propel the price to $7.00 and potentially breach $8.90. This would invalidate the prevailing bearish outlook and signal the start of recovery.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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