출처: Block Media
MYX Finance Soars 1,500% to Record High, Faces 30% Correction as Profit-Taking Intensifies
Over the past week, MYX Finance has witnessed an extraordinary surge in value, skyrocketing by nearly 1,500% to reach an unprecedented all-time high. This rapid ascent underscores the digital asset’s meteoric growth and increasing investor interest. However, heightened selling pressure originating from profit-taking activities has caused a notable 30% price drop as of October 12, demonstrating the volatile dynamics of the cryptocurrency market.
MYX Finance Retraces After Stellar Rally
According to real-time data from CoinMarketCap, MYX Finance was trading at $12.18 at 11:11 a.m. on October 12, marking a sharp intraday decline of 32.47%. This retracement followed the asset’s dizzying climb from $1.1412 earlier this month to $18.82 on October 11, a staggering rise of 1,551%. While the initial upward move fueled optimism among investors, analysts explain that the recent pullback reflects short-term profit-taking after the asset’s abrupt and sizable gains.
Whale Activity Drives Selling Pressure
Blockchain insights provided by BeInCrypto have shed light on significant whale activity influencing the token’s price movement. Over the past seven days, whale wallets dumped approximately 339,499 MYX tokens, amounting to a market value of roughly $5.9 million or 8 billion KRW. This offloading reduced their collective holdings to 855,499 MYX tokens, signaling a shift in sentiment among large institutional players.
Additionally, exchange deposits have surged, with 823,000 MYX tokens added over the same period, pushing total exchange-reserved tokens to 9.873 million. A spike in exchange-held balances often correlates with intensified selling pressure, as expanding liquidity makes it easier for traders to liquidate positions.
Temporary Correction or Major Trend Reversal?
Despite the pronounced decline, market experts remain cautiously optimistic, suggesting the correction may be short-lived. Technical indicators on the four-hour chart point to continued speculative inflows, with the Smart Money Index (SMI) maintaining its upward trajectory. This suggests that while long-term holders may be cashing out, opportunistic traders are entering the market, potentially supporting recovery in the near-term.
Key Price Levels to Watch
For traders monitoring MYX Finance’s next moves, several key support and resistance levels could determine the token’s trajectory. Support is currently concentrated at $16.61 and $15.35, critical thresholds that may stabilize recent losses. However, a breach below $13.30 could jeopardize the asset’s overall bullish momentum. On the upside, if MYX Finance manages to close above $18.66, analysts see the potential for future gains targeting the $20.12 to $27.34 range in the coming days.
This recent volatility underscores the high-risk, high-reward nature of cryptocurrency markets, with rapid gains often preceding sharp corrections. As MYX Finance navigates these turbulent waters, investor sentiment and whale activity will remain essential factors shaping its fate.
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