42% Bloodbath for MYX Finance (MYX): Is the Worst Behind or Yet to Come?

• MYX Finance drops 42%, falling to the $8 mark.
• Daily trading volume of MYX surges over 62%.

The new day opened with an uptick in the crypto market, resulting in a recovery attempt. This bullish turnaround has brought in some green shade across the tokens. With all the major tokens taking the upswing, the largest asset, Bitcoin (BTC), and Ethereum (ETH), the largest altcoin, are seeking to step up into the bullish zone

Notably, the assets, like BNB and CAKE, took the spot among the trending coins, trading on the upside. Particularly, MYX Finance (MYX) has shed a massive 42.4% of its value in the last 24 hours. In the early hours, the asset traded at a high of $15.66. With the bearish encounter, the price has retraced toward a low of $8.65

The current loss sees the MYX Finance price trading at around $8.97, with a market cap of $1.77 billion. In addition, the asset’s daily trading volume has surged by over 62.10%, reaching the $307.99 million mark. The Coinglass data has reported that the market has witnessed a 24-hour liquidation event of $2.98 million worth of MYX

Momentum Shift: MYX Indicators Suggest Price Weakness

The recent trading chart of MYX exhibits a negative outlook, a potential trend reversal from the latest uptrend. After the phase of green candles, red candles are lit up, a classic bearish signal. If the asset slips further, the price might find its crucial support below the $8.90 range. Unless it convincingly breaks above $9.10 and eventually $9.21, the potential downtrend could continue.

*MYX chart (Source: TradingView)*MYX Finance’s MACD line and its signal line are positioned below the zero line, indicating bearish momentum. The asset is in a downtrend, and the sellers are dominating the market. Moreover, the asset’s CMF at -0.18 suggests that selling pressure is currently stronger than buying pressure. Also, more capital is flowing out of the asset than into it. If it turns positive, it would hint that buyers are gaining control

Furthermore, the RSI value of 29.54 points out that the asset is in the oversold territory, and the selling has been strong. The price might be due for a potential rebound as buyers could step in. MYX Finance’s BBP reading of -5.9510 implies that the bears are currently dominating the market, overpowering the bulls. Notably, it is pointing to the downward pressure on the price movement.

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