MYX Finance is suddenly back on every trader’s radar. While the rest of the market struggles to find direction, MYX price is defying the trend, up almost 17% in the last 24 hours and now trading around $3.39. Trading volume has climbed about 8%, showing that momentum is building again.
So, what’s behind this move?
A few key reasons are driving this rally, and it’s not just hype.
First, technical factors are playing a big role. Analyst Crypto Winkle further noted that MYX has just recorded a bullish divergence on the RSI, which typically indicates that a reversal is upcoming. In simple terms, the token was extremely oversold following its recent drop, and bulls are finally returning.
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At the same time, selling pressure has eased. The heavy VC sell-offs and controversy from MYX’s September airdrop seem to be cooling off. That noise had kept traders cautious for weeks, but as attention shifts elsewhere, MYX price is getting room to breathe again.
There’s also a clear case of altcoin rotation happening. With many big caps stuck in consolidation, traders are rotating into oversold mid-caps like MYX, especially after it dropped more than 30% over the last week. When a token falls that hard and then stabilizes, short-term traders often jump in to ride the bounce.
The Airdrop Controversy Still Casts a Shadow
Of course, not everything is perfect. The September airdrop issue still lingers. Bubblemaps had accused MYX of a Sybil attack, claiming that roughly $170 million in airdropped tokens went to linked wallets. MYX denied those allegations, but the debate hasn’t gone away.
That uncertainty has fueled speculative trading, with some traders chasing volatility rather than fundamentals. On top of that, the recent 39 million MYX token unlock in October has added potential sell pressure, though it hasn’t derailed today’s bounce just yet.
Another piece of the puzzle is MYX’s liquidity, or lack of it. The project’s turnover ratio of around 10.9% means even a small influx of capital can cause outsized moves. That’s why MYX price can rally double digits in a single day while most coins barely move. It cuts both ways, but for now, the bulls are in charge.
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The MYX Chart Looks Promising
Looking at the daily chart, MYX price has bounced cleanly off its ascending trendline, the same level that’s supported previous rallies.
If momentum continues, this could easily turn into a stronger leg up. The setup looks like it’s forming another breakout phase, which is exactly what traders like Crypto Winkle are betting on.
Today’s MYX price rally seems to be driven by short-term dynamics, oversold recovery, easing sell pressure, and traders chasing volatility. But even so, it’s a strong show of resilience in a market that’s been mostly flat or bleeding.
If momentum keeps building, MYX could make a serious case for a top-50 altcoin position soon. But with thin liquidity and lingering controversy, it’s still one to approach with caution, or, if you’re bold enough, one to watch closely for the next big move.
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