MYX Wipes Out Entire September Rally – Is a Move Back to $5 in Sight?
The explosive rally that saw MYX Finance surge nearly 1,900% in September has now been completely undone. After peaking at $19, MYX has plunged back to levels below $1, marking a full retracement of its previous gains. As of press time, the token was trading at $2.93, attempting to stabilize after hitting a low of $0.886.
This dramatic reversal raises key questions for investors: Can the bulls mount a comeback and push prices back above $5 in the near term? Or does the current market structure signal further downside?
From Peak to Trough: What Went Wrong?
The September rally took MYX from $0.96 to $19 in less than 10 days, driven by a dramatic spike in trading volume and heightened interest across the decentralized finance space. However, the momentum proved unsustainable. Once the price fell below the critical $10 mark, investor interest waned, and volume sharply dropped. What followed was a steep decline, with MYX retracing all the way back to its pre-rally levels.
Key Fibonacci retracement levels initially offered some support, especially the 78.6% level at $4.82, but these were eventually breached. The final blow came as Bitcoin slid from $126k to $102k, dragging the broader altcoin market down with it and triggering a heavy sell-off in MYX, which crashed to $0.886 before managing a modest rebound.
Technical Indicators Point to Continued Bearishness
The current technical landscape for MYX remains fragile. Both the daily and 4-hour charts reflect a bearish market structure. Although the token has bounced back toward $4.33—a significant local resistance—this level has yet to flip to support. Until that occurs, any bullish outlook remains premature.
The On-Balance Volume (OBV) continues to trend downward, indicating sustained selling pressure. A notable shift in OBV, suggesting renewed accumulation, would be a necessary precursor for any lasting recovery. Meanwhile, the MACD indicator has started to inch back toward the zero line. A bullish crossover could serve as an early signal of momentum reversal, but for now, it remains inconclusive.
Trading Volume Remains Subdued
Daily perpetual trading volume for MYX currently hovers around $260 million—still substantial but significantly lower than the late August peak of $330 million. The reduced volume underscores weakened investor interest and a lack of conviction among traders. For a sustained rally to materialize, volume must surge beyond the daily average as a sign of strong buyer participation.
Support Levels Hold, But Bulls Need to Step Up
Despite the steep decline, the $2.50 support zone has shown resilience, holding firm over the past week. This area could serve as a foundation for a potential recovery if buying interest increases. However, without a convincing move above $4.33 and eventually $5.60—the level where the last bearish impulse began—the bulls remain on the sidelines.
A broader market recovery, especially a Bitcoin rally toward $114k, could positively influence sentiment around MYX and provide the macro environment needed for a bounce. Until then, MYX may continue to trade within a volatile, range-bound structure.
Can MYX Return to $19?
While a return to the September high of $19 is theoretically possible, it would require a confluence of favorable factors: a strong resurgence in trading volume, improved macroeconomic sentiment, and a decisive shift in technical indicators. Currently, there’s little evidence suggesting such a move is imminent.
Short-Term Outlook: What to Watch For
Over the coming days and weeks, investors should closely monitor the following:
– Whether MYX can break out above $4.33 with accompanying volume.
– A bullish crossover on the MACD and flattening of the OBV downtrend.
– Price action around the $2.50 support level.
– Bitcoin’s direction, as it greatly influences altcoin sentiment.
If these criteria begin to align, it could indicate that bulls are regaining control. But without them, any rally attempt may be short-lived.
What Could Spark a Reversal?
Several potential catalysts could reignite bullish momentum:
1. A platform upgrade or new feature launch by Myx Finance that attracts user activity.
2. Partnership announcements or integrations with other major DeFi protocols.
3. A resurgence in the perpetual contracts market, where MYX has its core utility.
4. A broader crypto market uptrend led by Bitcoin or Ethereum.
5. Regulatory clarity or favorable policy developments around DeFi platforms.
Each of these could contribute to renewed optimism and potentially push MYX back toward key resistance levels.
Long-Term Potential vs. Short-Term Volatility
Despite the recent pullback, MYX still holds long-term potential as a native token of a decentralized perpetual exchange. However, the path to recovery may be turbulent. Short-term traders should remain cautious and wait for confirmation signals before entering positions. Long-term holders, on the other hand, might view current levels as a potential accumulation zone, albeit with high risk.
Conclusion
MYX has erased all the gains from its parabolic rise in September, signaling a lack of sustained demand and a fragile technical structure. For bulls to reclaim the $5 mark, several conditions must be met—chief among them being a shift in both volume and momentum. Until then, caution remains the name of the game, and traders should brace for continued volatility in the weeks ahead.