Now is the time for extreme caution in trading MYX Finance ($MYX). The price has recently experienced a sharp decline, but technical signals support an imminent rebound that may be temporary before a potential sell-off.
📉 Current technical condition (1-hour frame):
Oversold: The Relative Strength Index (RSI) is firmly below the 30 level (around 24-26), confirming that the price is in a state of severe overselling.
Support for the rebound: The price is very close to the local lowest support at $2.110000, which supports the expectation of a short-term technical rebound to compensate for the recent decline.
🚨 Biggest risk: Unlock in November!
Despite the technical rebound signals, fundamental risks cannot be ignored:
Unlock pressure (Token Unlock): The critical date to watch is November 6, as reports indicate a potential "short-term correction or drop" driven by the release of new token quantities to early investors.
Historical precedents: The unlock in August was preceded by massive sell-offs from venture capitalists (VCs).
🎯 Important monitoring levels:
Direction level of importance
Support at the bottom $2.110000 is a critical level. A break below confirms the continuation of the decline.
Resistance at $2.922000 is the middle line of the Bollinger range. Returning above this level is essential to confirm buyer strength.
Note for traders:
Speculative opportunity: A chance may arise for speculation on a technical rebound from the current oversold area, but a very tight stop loss must be set.
Long-term outlook: We should monitor how the market reacts to the unlock process in November before considering any large buying position.
