This Altcoin, Given Listing Signal by Binance, First Pumped Big, Then Dumped! Here’s All We Know…
Sudden price fluctuations are common in the cryptocurrency market. While sudden increases bring joy to investors, declines can lead to significant losses.
At this point, the latest development occurred in the altcoin called MYX Finance (MYX), a non-custodial trading platform.
MYX Finance (MYX) shocked the cryptocurrency market with a massive 477% price increase in just one day, hitting a new record high of $2.09.
One of the biggest reasons for this rise was stated to be the listing of MYX on some major crypto exchanges, including a special category called “Binance Alpha.”
The listings made it easier to buy the altcoin MYX, and the increased interest drove the price up.
Experts pointed to a short squeeze as another reason for the MYX price surge. Data showed that many investors had bet on a price drop.
However, the rise didn’t last long. As the price of MYX rose, many investors started taking profit sales, leading to a price correction.
In addition to the profit-taking, MYX’s Relative Strength Index (RSI) reached 97.45, an extremely high level that typically signals overbought conditions and intense speculative trading.
These triggered a sharp decline in the price of MYX, which fell below $1. MYX subsequently recovered and is currently trading at $1.8.
*This is not investment advice.
