After a brutal 75% decline from its recent peak, MYX Finance (MYX) is showing the first signs of stabilization and possibly, the beginnings of a technical rebound.
The token, which plunged from $17.50 to around $4.40, has finally found some footing as technical indicators hint at early accumulation and fading bearish momentum.
RSI Rebounds from Oversold Territory
Following weeks of steep losses, MYX price action appears to be calming. The Relative Strength Index (RSI) — which had plunged deep into oversold territory is now curling upward, suggesting that selling pressure may be easing.
At the same time, trading volume is showing a slight uptick, indicating that some traders are stepping back in to buy the dip. These signs together hint at the possibility of a short-term technical bounce as market sentiment gradually stabilizes.
Currently, MYX is trading near $4.40, a key support area that buyers have defended multiple times. A sustained hold above this level could pave the way for a rebound attempt.
Key Levels to Watch: Resistance and Risk Zones
Despite the recent improvement, the overall trend remains cautious. MYX still trades well below the 7-day simple moving average (SMA), underscoring that bears maintain control in the bigger picture.
On the upside, the first major resistance zone sits between $8.50 and $9.50, aligning with the 0.382 Fibonacci retracement level. A daily close above this range could trigger a stronger recovery, with the next targets set around $12–$14, matching higher Fibonacci levels.
However, if the token fails to hold above $5, analysts warn that new lows could be on the horizon, potentially invalidating the short-term recovery narrative.
Community Distrust Behind the Sell-Off
The sharp decline in MYX price appears to have been driven by controversy surrounding its airdrop distribution.
On September 11, blockchain analytics firm Bubblemaps published a report alleging that over 100 sybil wallets multiple addresses believed to be controlled by the same entity had received roughly 1% of the MYX supply during the project’s airdrop.
🧵 According to Bubblemaps’ investigation, one of these wallets showed funding links to MYX’s creator, sparking speculation of undisclosed control or manipulation.
Source: Bubblemaps on X
The findings triggered concerns about transparency and trust issues within the community. MYX’s unclear response to the allegations only deepened investor uncertainty, leading to widespread panic selling and the subsequent price collapse.
Outlook: Early Signs of Recovery, But Fragile
While MYX shows technical signs of a rebound rising RSI, increased volume, and support holding near $4.40 traders remain cautious.
The market will likely look for confirmation through stronger volume and a clean breakout above $9 before calling it a sustainable reversal. Until then, the token’s recovery may remain fragile and dependent on restoring investor trust.
If MYX can regain momentum and rebuild credibility, the $12–$14 zone could be a realistic short-term target. For now, though, stability above $5 will be key to avoiding another wave of selling.
