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$MYX, the native utility token of $MYX Finance, has emerged as today’s top gainer, skyrocketing more than 200% in the past 24 hours. The altcoin even retested its all-time high of $14.58 during early Asian trading hours today, before witnessing a pullback to trade at $12.57 at press time.
However, the explosive rally is fueling skepticism across the market. Analysts point to familiar signs of manipulation, while overbought signals on the charts warn of an imminent correction.
$MYX Trading Frenzy Raises Red Flags
The skepticism around $MYX’s rally is fueled by unusually high trading activity, with both spot and derivatives volumes appearing overstretched.
In the last 24 hours alone, $MYX has recorded $781.11 million in spot trading volume, a staggering 122% increase compared to the previous day. The derivatives market has seen even more dramatic spikes.
According to Coinglass data, perpetual futures volume has soared 174% to reach $12 billion, while futures open interest has climbed 62% to $396 million.
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Such explosive growth in leveraged trading suggests that much of the current rally may be driven by short-term speculation rather than sustained investor conviction.
Moreover, BeInCrypto earlier reported that some analysts continue to view $MYX’s rally as the result of manipulation, an allegation the token has faced repeatedly.
In August, $MYX’s 1,957% appreciation drew heavy criticism, with some branding it a “trap. ” While the coin later shed some of those gains, it regained momentum in September before hitting its latest peak. Still, doubts persist.
$MYX’s Rally Running on Borrowed Time
Readings from the token’s one-day further complicate the outlook. $MYX currently flashes overbought signals on the daily chart, suggesting that the token may have surged too far and may be due for a reversal.
This is reflected by its Relative Strength Index (RSI), which stands at 86.43 as of this writing.
$MYX RSI.">
The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.
At 86.43, $MYX’s RSI suggests that the token is deep in overbought territory, a precursor to a sharp price correction.
Furthermore, its negative Balance of Power (BoP) supports this bearish outlook. At press time, it was at -0.49 and trending downward, confirming the falling buy-side pressure in the market.
$MYX BoP.">
The BoP indicator tracks the strength of buyers versus sellers over a given period. A positive reading reflects dominant buying activity, while a negative value indicates that sellers exert greater control.
With $MYX’s BoP sitting at -0.49 and trending lower, underlying demand is weakening, and sellers are steadily regaining influence.
This divergence between price action and market strength adds weight to the argument that $MYX’s rally may be running on borrowed time.
$MYX Stares at $14.58 Resistance, $9.01 Support
Any reversal in $MYX’s current rally could see its price fall to test the support floor formed at $11.46. If this level fails to hold, the token’s price could plunge further to $9.01.
$MYX Price Analysis">
However, a continuation of the uptrend could see $MYX revisiting its all-time high of $14.58 and attempting to rally past it.
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