MYX Finance Shows Signs of Recovery Despite Heavy Decline

MYX Finance has faced intense selling pressure, plunging nearly 48% from its recent highs and slipping below $10. The altcoin is now trading around $9.03, just above its crucial support level of $8.90. While the broader crypto market remains bearish, technical indicators suggest that MYX may be preparing for a potential rebound.

The Relative Strength Index (RSI) continues to hold above the neutral 50 mark, signaling ongoing bullish momentum. This resilience indicates that despite volatility, investors remain confident in MYX’s medium-term outlook. Maintaining this strength could allow the token to decouple from negative market sentiment and emerge as one of the few altcoins capable of posting gains even in challenging conditions.

Another key factor is MYX’s shifting correlation with Bitcoin. The correlation has dropped to 0.46, reflecting reduced dependency on BTC’s price swings. Historically, when altcoins with strong fundamentals break away from Bitcoin’s trajectory, they often outperform during periods of consolidation or decline in BTC. If MYX’s correlation continues to weaken, the token may chart its own bullish course.

In terms of price action, MYX faces critical levels in the near term. Holding above $8.90 support is essential for sustaining recovery attempts. A successful rebound could push the token toward $10.54 resistance, and breaking this barrier may open the path to $14.04, helping it recover much of its recent losses. However, if MYX fails to defend support, it risks sliding further to $7.00 or lower, which would signal renewed bearish control.

Overall, while risks remain, MYX Finance’s technical setup and weakening Bitcoin correlation suggest a potential recovery phase. Investors are closely watching whether the token can maintain support and build momentum toward higher resistance levels.