Why MYX Finance is Down Today: Crash Reasons and What's Next For MYX

Why MYX Finance Is Down Today: Major Reasons and What's Next Explained

Is it normal for a fast-rising crypto token to crash hard when the overall market is green? That is the exact question traders are asking today while searching Why MYX Finance is Down Today, as the token drops sharply despite strong weekly gains and a rising global market cap.

As of now, the total cryptocurrency market value is $3.24 trillion, a growth of 1% over the last 24 hours. Trading volume is close to $101 billion, and Bitcoin dominance is at 57.1%, while Ethereum is at 11.8%. Nonetheless, this dramatic sell-off has taken many trading participants by surprise.

Why MYX Finance is Down Today After a 50% Weekly Rally?

Profit booking seems to be one of the major reasons that contributed to this fall. After a sudden increase of almost 50% within a span of a week, from the $4 region to a peak of around $7.20, the token is now back.

According to CoinMarketCap, at press time, the token is trading around $5.19 with a market capitalization of $1.31 billion and a daily volume of $45.98 million. The sudden correction looks more like a cooldown than a structural breakdown.

Source: CoinMarketCap Website 

Global Tension, Fear Index, and Market Psychology

Another key factor explaining Why MYX Finance is Down Today is rising global uncertainty. Reports around the US–Venezuela conflict and the arrest of Nicolás Maduro triggered a clear “risk-off” reaction across assets.

Even during the ongoing market bounce, the Crypto Fear and Greed Index remains in fear at 26. Last week and last month both stayed in extreme fear territory. This shows traders are still nervous and quick to exit positions after strong upside moves.

MYX Price Prediction After the Sharp Pullback

On the 4-hour chart, MYX price is consolidating near $5.00 after rejecting from $7.20. Support at the current level will be in the $5.00 to $4.90 range. The strong level of support will come at $4.20 to $4.00, followed by $3.60

Source: TradingView Chart

RSI has retreated to 51 from overbought levels of 75, and momentum is waning as reflected by MACD. A healthy close above $5.00, and a relief rallies towards $5.80 may be expected. Strong volumes may bring a return towards $6.80-$7.20. A sharp fall below $4.90 could change the momentum to negative.

Conclusion

Hence, the reason Why MYX Finance is Down Today is based on profit taking, risk events worldwide, and fearful trading activities. Nevertheless, the overall setup holds strong above the major support levels. If sentiment stabilizes, the current dip may act as a base rather than a breakdown.

YMYL Disclaimer: This article is strictly informational in nature and does not constitute an investment recommendation. Investment in cryptocurrencies is extremely volatile. It is always essential to do your own research before making any investment.