MYX Price Shows Early Signs of Recovery After 75% Drop
The MYX price is showing signs of recovery after a significant drop from its peak. The price has fallen by nearly 75%, but recent indicators suggest a potential turnaround.
MYX price has found temporary support around $4.40. The Relative Strength Index (RSI) has rebounded from oversold levels, and there's been a slight increase in trading volume, suggesting possible accumulation. However, the path to recovery isn't smooth. Major resistance lies between $8.5 and $9.5. Breaking above this range could push the price towards $12-$14. Conversely, if the price falls below $5, new lows may be in sight.
The recent price crash may have been triggered by growing community distrust. Reports suggest that around 1% of the total supply was allocated to over 100 'Sybil wallets' during the MYX token airdrop. This was likely done to encourage broad and diversified distribution, but it has raised concerns about fairness and decentralization of token ownership.
MYX price is showing early signs of a rebound, but it faces significant resistance ahead. The recent price crash, potentially due to community distrust over airdrop allocations, has raised questions about the project's future. The coming weeks will be crucial in determining whether the recovery holds or if new lows are in store.
