MYX Finance Faces Potential Crash Despite Recent Price Surge
MYX Finance saw its price soar once again, but signs indicate an impending decline. The token’s funding rate fell sharply, pointing to negative sentiment among traders.
A double-top pattern on the daily chart also suggests future price drops. This pattern emerged after the token recently reached nearly $20 from under $1 in just a few days.
Some analysts believe the surge might result from market manipulation. Bubblemaps claimed that around 100 addresses linked to the airdrop were controlled by a single entity.Developers have refuted these claims.
The MYX Finance platform had managed perpetual futures worth $5 billion this month. This success contributed to its rising price.
Triple-digit price swings are always risky. The current surge occurs in a low-volume setting, increasing volatility. A falling funding rate signals pessimism about MYX’s future performance.
Historical comparisons highlight caution. MYX’s rapid rise resembles OnyxCoin’s surge,followed by a steep fall. The parallels raise doubts about MYX’s sustainability.
Technical analysis supports bearish views. The Relative strength Index hit 75,signaling overbought conditions.Investors often sell heavily in such scenarios. A drawn-out correction seems imminent.
