MYX Drops 23% Below $5 as Traders Turn Bearish

MYX Finance has dropped sharply, down 23% in the last 24 hours and trading at $4.87 after sliding below the critical $5.00 level. Selling pressure accelerated after the token failed to hold key intraday support, and market structure now reflects a bearish shift following several sessions of declining momentum.

Short positioning has increased as the futures market is dominated by short contracts and funding turned negative, reflecting bearish conviction. A surge in short interest may amplify volatility and reinforce downward pressure if selling accelerates further. The Money Flow Index indicates heavy selling and has trended lower, approaching the oversold threshold but not yet below the 20.0 mark.

If the MFI moves under that level, accumulation may emerge and a technical rebound could become possible. Technically, MYX appears to be breaking down from a bearish ascending wedge. The wedge structure projects a potential 43% decline toward $2.81 (the 1.78 Fibonacci level), with a nearer target around $4.07 (the 1.23 fib line).

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