$MYX /USDT (Daily) has seen a sharp sell-off following an extended distribution phase, with price breaking down from the 6.0+ region and accelerating into the 1.0 area. The move reflects strong bearish momentum and capitulation-like behavior after prolonged downside pressure.
After the vertical drop, price printed a strong bounce with a large green daily candle. However, the long upper wick around 1.70–1.80 highlights active selling pressure at higher levels, suggesting that while buyers stepped in, supply remains dominant near resistance.
This reaction points to a relief rally rather than a confirmed trend reversal at this stage. For structure to improve, price needs to hold the 1.20–1.25 zone on a pullback and build a higher base. A successful retest of this area would indicate acceptance and open the door for continuation.
Failure to defend this level would likely result in renewed consolidation or further downside volatility as the market searches for stronger demand.
Overall, $MYX remains in a fragile recovery phase. The next pullback and retest will be critical in determining whether this bounce evolves into a sustained reversal or fades into another corrective move.
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