MYX Finance Plummets 67% as Bitcoin Hits Record Highs — Bearish Outlook Deepens

MYX Finance has suffered a severe market crash, losing nearly 67% of its value over the past week. The altcoin’s steep decline comes as Bitcoin soars to fresh all-time highs, highlighting a growing disconnect between the two assets. Investors’ confidence in MYX’s recovery appears to be fading, with technical indicators pointing to sustained bearish momentum.

The Relative Strength Index (RSI) for MYX remains well below the neutral 50 mark, confirming that sellers hold control while buying pressure has all but vanished. Despite this weakness, MYX has yet to enter the oversold zone, implying that further downside may still be ahead. Traders remain cautious, preferring to wait for signs of stabilization before reentering the market. This hesitation reinforces a gloomy short-term outlook for the token as bearish sentiment dominates.

Compounding concerns, MYX’s correlation with Bitcoin has fallen to -0.32 — a striking inverse relationship that underscores its isolation from the broader crypto rally. Historically, MYX benefited from Bitcoin’s strength, often rising alongside broader market optimism. However, the current divergence suggests capital is rotating away from MYX toward stronger-performing assets, increasing volatility and downward pressure.

Currently trading at $5.16 after a 37.6% daily drop, MYX hovers just above the crucial $5.00 psychological support. A breakdown below this level could trigger further losses toward $3.45, aligning with signals from the 50-day exponential moving average (EMA) that confirm short-term bearishness. Conversely, if buyers step in at these lower levels, a rebound could push MYX to $7.00 or even $8.90, potentially invalidating the bearish trend. Until then, MYX Finance faces a challenging path as it struggles to regain investor confidence amid Bitcoin’s historic surge.