MYX Retests All-Time High After 200% Surge – But a Crash May Be Looming
MYX, the native utility token of MYX Finance, has emerged as at this time’s high gainer, skyrocketing greater than 200% up to now 24 hours. The altcoin even retested its all-time high of $14.58 throughout early Asian buying and selling hours at this time, earlier than witnessing a pullback to commerce at $12.57 at press time.
However, the explosive rally is fueling skepticism throughout the market. Analysts level to acquainted indicators of manipulation, whereas overbought alerts on the charts warn of an imminent correction.
MYX Trading Frenzy Raises Red Flags
The skepticism round MYX’s rally is fueled by unusually high buying and selling exercise, with each spot and derivatives volumes showing overstretched.
In the final 24 hours alone, MYX has recorded $781.11 million in spot buying and selling quantity, a staggering 122% enhance in comparison with the day past. The derivatives market has seen much more dramatic spikes.
According to Coinglass information, perpetual futures quantity has soared 174% to succeed in $12 billion, whereas futures open curiosity has climbed 62% to $396 million.
For token TA and market updates: Want extra token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
Such explosive progress in leveraged buying and selling means that a lot of the present rally could also be pushed by short-term hypothesis relatively than sustained investor conviction.
Moreover, BeInCrypto earlier reported that some analysts proceed to view MYX’s rally as the results of manipulation, an allegation the token has confronted repeatedly.
In August, MYX’s 1,957% appreciation drew heavy criticism, with some branding it a “entice. ” While the coin later shed a few of these positive factors, it regained momentum in September earlier than hitting its newest peak. Still, doubts persist.
MYX’s Rally Running on Borrowed Time
Readings from the token’s one-day additional complicate the outlook. MYX presently flashes overbought alerts on the every day chart, suggesting that the token might have surged too far and could also be due for a reversal.
This is mirrored by its Relative Strength Index (RSI), which stands at 86.43 as of this writing.
The RSI indicator measures an asset’s overbought and oversold market situations. It ranges between 0 and 100. Values above 70 recommend that the asset is overbought and due for a worth decline, whereas values beneath 30 point out that the asset is oversold and will witness a rebound.
At 86.43, MYX’s RSI means that the token is deep in overbought territory, a precursor to a sharp worth correction.
Furthermore, its unfavorable Balance of Power (BoP) helps this bearish outlook. At press time, it was at -0.49 and trending downward, confirming the falling buy-side strain out there.
The BoP indicator tracks the energy of consumers versus sellers over a given interval. A constructive studying displays dominant shopping for exercise, whereas a unfavorable worth signifies that sellers exert higher management.
With MYX’s BoP sitting at -0.49 and trending decrease, underlying demand is weakening, and sellers are steadily regaining affect.
This divergence between worth motion and market energy provides weight to the argument that MYX’s rally could also be working on borrowed time.
MYX Stares at $14.58 Resistance, $9.01 Support
Any reversal in MYX’s present rally may see its worth fall to check the assist flooring fashioned at $11.46. If this stage fails to carry, the token’s worth may plunge additional to $9.01.
However, a continuation of the uptrend may see MYX revisiting its all-time high of $14.58 and trying to rally previous it.
The publish MYX Retests All-Time High After 200% Surge – But a Crash May Be Looming appeared first on BeInCrypto.
