- MYX Finance trades around $17.80 as traders watch $19.20 resistance for signs of breakout or rejection.
- Bubblemaps flags airdrop wallets, raising concerns of manipulation that MYX Finance denies.
- Analysts see $16.80 as a key support, with risks of a pullback toward $15.00 if selling pressure builds.
MYX Finance price today is hovering around $17.80 after swinging sharply between $17.40 and $19.00 in the past 24 hours. The token, which surged more than 1200% this week, now faces a critical resistance zone near $19.20, while immediate support has formed at $16.80. With a rising wedge structure on lower timeframes, traders are watching closely to see if MYX can extend gains or if selling pressure will deepen.
MYX Price Struggles At Resistance
The 30-minute chart shows MYX pinned between $16.80 and $19.20. The ascending wedge suggests narrowing room for price action, with buyers defending higher lows since early September. The Parabolic SAR flipped bearish after the latest rejection at $19.00, adding weight to near-term caution.
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Key EMAs on the 4-hour chart remain supportive. The 20 EMA sits at $13.92, well below spot, highlighting the depth of the recent breakout. Yet momentum indicators flash warning signs. The RSI has cooled to 69 after touching overbought territory above 78, suggesting that bullish strength is fading.
Airdrop Allegations Stir Market Debate
MYX Finance is under scrutiny after blockchain analytics firm Bubblemaps flagged nearly 100 wallets tied to its token airdrop. These addresses, reportedly funded via OKX with identical transactions, collectively claimed 1% of the token supply. The sequential selling patterns raised suspicions of Sybil manipulation.
MYX Finance has denied all allegations, stating that its airdrops were allocated fairly based on trading and liquidity activity. The team admitted to address changes by high-volume participants but defended the policy as inclusive. The exchange pledged stronger anti-Sybil measures in future campaigns while maintaining its open stance for liquidity providers.
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The controversy has tempered enthusiasm, with analysts warning that unresolved concerns could weigh on investor sentiment. Some traders argue that the allegations echo red flags seen in past rug pulls, while others believe the project’s transparency and volume growth set it apart.
Technical Outlook For MYX Price
On the upside, clearing $19.20 would confirm a breakout from the wedge, opening the path toward $20.50 and potentially $22.00. A strong close above $22 would validate the continuation of the parabolic trend, though such moves typically invite sharp corrections.
On the downside, failure to hold $16.80 could drag MYX back to $15.00, where layered support sits. Further weakness risks exposing $13.50, near the 20 EMA on the 4-hour chart. A break below $13.00 would unwind much of the rally, returning price to pre-breakout consolidation levels.
Outlook: Will MYX Go Up?
The short-term outlook for MYX Finance hinges on whether bullish momentum can overcome skepticism from airdrop allegations. Technicals show resistance at $19.20 remains the key barrier, while cooling volumes and RSI divergence hint at a possible pullback.
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Analysts remain divided. Bulls see the current consolidation as healthy after a 1200% surge, while bears warn of heightened volatility and manipulation risks. As long as MYX holds above $16.80, the bias leans toward another breakout attempt, but losing this level could trigger a sharper correction toward $15.00–$13.50.
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