Finance industry's MYX takes another price leap with rising funding rate, hinting at potential market collapse
In the rapidly evolving world of cryptocurrency, MYX Finance, developed by the group MYXFi, finds itself at the centre of attention. The digital asset, MYX token, has experienced a surge reminiscent of OnyxCoin (XCN) which skyrocketed by over 2,300% within a few days in January, only to plunge by over 76% to its current price of $0.011.
The ongoing surge of the MYX token, however, is happening in a low-volume environment. With a 24-hour volume of $626 million, this is significantly lower than the $11 billion recorded on Sep. 9 and the lowest since the initial surge this month.
The MYX price may be at risk of a crash due to the formation of a highly bearish double-top chart pattern at $19.13, with the neckline at $9.92, its lowest level this week. This pattern, often a red flag, typically leads to more downside over time for the MYX token.
Furthermore, the MYX token has become highly overbought, as indicated by the Relative Strength Index (RSI) soaring to 75. In most cases, a highly overbought asset tends to retreat as investors book profits.
It is important to note that no new facts about Ripple (XRP) or ETF approval in October were provided in this context.
MYXFi, the developer group behind MYX Finance, has denied insider market manipulation allegations, maintaining the integrity of their operations. As the cryptocurrency market continues to evolve, it will be interesting to see how the MYX token fares in the coming days.
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