MYX Finance (MYX) in the Red Zone: Could the 19% Drop Intensify?

• MYX Finance has lost 19%, trading around $4.80.
• Daily trading volume of MYX has surged over 41%.

Will the market soon show signs of escaping the extreme fear zone? The majority of the crypto assets are charted in red, triggering the price movement slip toward former lows. With the potential bears in control, the largest assets, like Bitcoin (BTC) and Ethereum (ETH), hover on the downside, facing back-to-back rejections. 

Meanwhile, MYX Finance (MYX) followed suit and recorded a 19.33% plunge in value over the 24 hours. It opened the day trading at a high of $5.98, and with the bearish shift in the MYX market, its price has slipped to a low of $4.82. Currently, MYX Finance is trading at $4.80, with its daily trading volume having soared by 41.7% to $22.38 million.

As the MYX Finance trading chart lit up the red candlesticks, the price might fall toward a support at around $4.69. A potential break below triggers the death cross to unfold, and the bears would drive the asset’s price to $4.58 or even higher. 

On the resistance side, if the bearish pressure fades and the bulls enter, the MYX Finance price could climb toward $4.91. With further pressure on the upside, the bulls would initiate the golden cross to emerge, and the price may go above $5.02.

MYX Finance Slips into Bearish Territory on the Charts

When both the Moving Average Convergence Divergence (MACD) and the signal lines cross below the zero line, there happens a shift into bearish territory occurs. The downside momentum of MYX Finance is strengthening, and as the sellers are gaining control, they could face continued downward pressure.

MYX chart (Source: TradingView)

Moreover, the Chaikin Money Flow indicator stationed at 0.16 implies that a solid buying pressure is present within the MYX market. The money flow is positive, and the inflows are stronger than the outflows. If this level sustains or rises, it supports continued upward momentum and price stability.

MYX Finance’s daily Relative Strength Index (RSI) value is resting at 25.56, which signals its oversold zone. This reflects strong selling pressure and a downtrend. While it showcases weakness, a technical bounce may occur if the buyers step in. 

Besides, the Bull Bear Power (BBP) reading of 1.1001 hints at strong bearish pressure. The sellers are in control and pushing the price below the recent average. If this persists, the downside momentum may continue unless the buying strength returns to neutralize the pressure.

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