Myx Finance [MYX] has faced massive losses in February. In fact, a recent AMBCrypto report noted that MYX was one of the biggest weekly losers, dropping 66% between 7-14 February.
This bearish run has since continued, with MYX prices below $2. The bulls were able to put up a brief fight at the psychological round number support, but it was only a matter of time before the sellers overran the level.
The rising Open Interest and falling prices showed that market participants were convinced of further losses – An expectation that has come true.
At the time of writing, MYX was trading at $1.289. A short-term bullish divergence could offer the perpetuals DEX’s native utility token some respite from selling.
The down-only MYX path
Over the past 24 hours, the altcoin market cap excluding Ethereum [ETH] was down 0.5%. During this time, MYX fell by a remarkable 27.8%. Bitcoin [BTC] was down only 1.34%, while ETH climbed 0.63%.
The pace of MYX selling and the high spot volume meant the trend was extremely bearish. It might not be a good idea to try to catch the local bottom and go long, planning on a respite rally.
The $1 support level from September 2025 could be the next MYX price target.
Failure to hold the $5 support left behind a giant imbalance. However, it is unlikely to get filled or even tested anytime soon.
In the next few hours of trading, a price bounce might be possible. The Awesome Oscillator and the price made a bullish divergence too.
The hourly imbalance (white) at $1.4 and the bearish breaker block at $1.5 are likely to act as stern supply zones in case of a price bounce.
Final Summary
- Myx Finance token’s price action has been dominated by ruthless bears in February.
- A price drop to $1 is likely soon, but we might get a brief price bounce towards $1.4.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
