MYX Finance Token Drops 35% After Failing to Break Resistance
MYX Finance (MYX) lost 35% in the last 24 hours. The token fell from resistance at $17.06 to below support between $9.4 and $8.83, according to TradingView.
The decline followed several failed attempts to regain higher prices. This raised questions about the sudden momentum shift in October, despite a generally bullish crypto market.
Current Trading and Market Cap
At the time of writing, MYX is down 5.68%. Its market cap dropped 35.93% to $1.12 billion. The token has lost about 60% over the past seven days. However, it surged 402.84% in the last month, according to CoinMarketCap.
Technical Analysis Shows Bearish Signals
Daily charts on TradingView show sellers currently dominating over buyers. The Moving Average Convergence Divergence (MACD) histogram remains in red, indicating bearish conditions. Narrowing bars suggest selling pressure may weaken soon.
Despite this, the Exponential Moving Average (EMA) shows a bearish crossover. The 12 EMA falling below the 26 EMA makes it hard for MYX to break resistance without stronger buying.
MYX could recover if it retests the $8.29 support-turned-resistance zone and gains momentum to break above it. If not, the token may drop further and face extended bearish pressure.
