MYX price rebounds after the recent 75% crash – is the bottom in?

MYX price is showing early signs of a technical rebound after plummeting nearly 75% from its recent high.

After recently crashing nearly 75% from the recent high of $17.5, MYX Finance (MYX) is showing the first signs of a potential short-term rebound. The steep decline broke through multiple support zones, but MYX price has now found temporary footing around the $4.40 level — a critical area where buyers started to step back in.

The RSI, which had dipped deep into oversold territory, is beginning to turn upward, suggesting fading bearish momentum and the possibility of a technical bounce. Volume has also started to rise slightly, hinting that accumulation could be underway. However, the broader trend remains bearish, as MYX price still trades well below the 7 SMA.

The first major resistance zone sits around $8.5–$9.5, aligning with the 0.382 Fib, which will be a critical test for bulls. A breakout and daily close above this area could confirm a stronger recovery phase, opening the door for a move toward the $12–$14 range, in line with the higher Fibonacci levels. However, failure to maintain support above $5 could potentially set the stage for fresh lows.

Sourece: TradingView

Why did MYX price crash?

The sharp sell-off that began after October 1 may have been fueled by growing community distrust. On Sept. 11, analytics platform Bubblemaps published findings alleging that over 100 sybil wallets — addresses controlled by the same entity — had received approximately 1% of the MYX supply during the airdrop.

Further investigation linked one of these wallets to the MYX creator’s funding patterns, raising suspicions of manipulation or undisclosed control. The MYX team’s vague public response did little to restore confidence and market sentiment deteriorated rapidly — which likely triggered a cascade of panic selling of the token.