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The price of MYX Finance fell sharply, falling below the critical level of $5.00, indicating growing downside risks.
This collapse comes after several sessions of declining momentum. Selling pressure accelerated after MYX failed to hold key intraday support. The market structure now reflects a downward shift.
MYX traders are calm
The recent decline has led to an increase in short positions Among MYX traders. Funding rate data shows that the futures market is dominated by short contracts. The negative funding reflects bearish sentiment, as traders expect further price declines for MYX Finance.
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An increase in short interest often indicates the expectation of a deeper correction. Traders seem to be anticipating a price collapse that can take advantage of leveraged positions. This imbalance in the derivatives markets ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​a
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The money flow index, or MFI, indicates Significant selling pressure on the MYX pricewhich promotes continuous correction. The index has trended lower in recent sessions, reflecting continued capital flows. This weakness confirms that the downward momentum is still prevalent in short-term trading activities.
Although the IMF is approaching the oversold limit, it has not yet fallen below the 20.0 mark. A decisive movement below this level usually indicates oversold, as accumulation can appear at discounted prices. If the rally strengthens, MYX may attempt a technical rebound.
The MYX price may see further decline
The price of MYX has fallen Up 23% in the last 24 hours, it traded at $4.87 after falling below $5.00. The symbol now appears to be breaking out of a bearish rising wedge pattern. These formations are often preceded by sharp corrections when support levels fail.
The wedge structure predicts a potential 43% decline towards $2.81, coinciding with the 1.78 Fibonacci level. However, there is a more immediate and realistic target near the support area at $4.07 (line 1.23). If the decrease below $4.61 is confirmed, it will increase the possibility of a test of $4.07, with more downside risks if the general sentiment in cryptocurrencies deteriorates.
The change in investor behavior can change this perception if the MYX market is over hyped, as suggested by MFI. If inflows begin to exceed outflows and short positions decrease, MYX Finance can try to stabilize. A decisive move above the resistance of $5.75 will invalidate the bearish thesis and could push the price towards $6.00 in the near term.
