How Deep Could the Drop Go?

• MYX Finance is currently trading at the $0.33 mark.
• Bearish signals emerge on MYX technical charts.

Over the last month, MYX Finance (MYX) has navigated through a bearish string, facing sharp correction from its previous highs. The weekly chart has showcased a massive loss of over 74%, where no potential upticks have happened. The asset’s highest and lowest trading ranges were noted between $1.72 and $0.29. 

At the time of writing, MYX Finance is trading at around $0.3324, after a 2.71% spike in value. On the daily timeframe, the fluctuation of price is minimal, with steady downside and upside in intervals. Besides, the market cap is settled at $93.72 million, and MYX’s daily trading volume has reached the $13.75 million mark.

The recent trading chart exhibits a negative outlook, with red candle formation. The MYX Finance price could slip to the support at $0.3147. Further correction on the downside triggers the emergence of the death cross. The bears would gradually take the price below $0.2951. 

If MYX Finance’s bullish reversal occurs, it could convincingly break the resistance at $0.3528 and eventually hit above the $0.3769 level. The upward pressure might gain more traction, and the bulls would initiate the golden cross to unfold to sustain the move on the upside. 

MYX Finance’s Technical Setup Turns Negative: Will the Slide Continue?

MYX Finance’s MACD line and signal line are below the zero line, indicating the market is under bearish pressure. The price movement has been weaker, with the sellers being in control, and the market is struggling to push higher. Unless the momentum starts shifting, this setup tends to support a continued downtrend. 

Moreover, the CMF value at -0.06 suggests slight selling pressure in the MYX market. The money is flowing out of the asset, but not aggressively. The buyers are stepping back, rather than the sellers pushing hard. This leads to mild weakness or sideways movement. 

The RSI of 49 is right on the edge of neutral, with a slight bearish lean. There is no strong momentum; buyers and sellers are almost balanced. The market seems ambiguous, and a push above 50 could signal buyers gaining control, while a drop below hints at building selling pressure.

Furthermore, MYX’s BBP reading, located at 0.0131, has a slight bullish edge. Buyers are barely in control, but there is no real strength behind it. If the value starts to increase, it could display buyers slowly gaining confidence, but currently, the momentum is weak.

Top Updated Crypto News

KuCoin has Partnered with Bitnbox to Accelerate Crypto Payments