MYX Finance Is Oversold For The First Time Ever, Yet No Relief In Sight

MYX Finance has experienced steep selling pressure, leading to its Money Flow Index indicating it is oversold for the first time in its trading history. This capitulation selling, exacerbated by profit-taking and liquidations, has pushed the token down significantly, compounding a 70% decline since February 8. A key concern is MYX's increased positive correlation with Bitcoin since February 8, meaning MYX is now tracking Bitcoin's weakness. Since Bitcoin remains in consolidation, bearish conditions for MYX are likely to persist without a BTC breakout. While oversold conditions typically precede rallies, broader market weakness may delay accumulation. The price, trading around $1.50, faces a plausible retest of the $1.22 level before any meaningful stabilization occurs, although reclaiming $1.68 could signal an early recovery.

(Source：BeInCrypto)