MYX Finance Plunges 33% Despite Bullish Market Interest
MYX Finance has experienced a significant drop in value, losing approximately 33% in the past day. This decline comes amidst renewed bullish interest in the stock market today, as indicated by the Open Interest (OI) Weighted Funding Rate turning slightly positive. MYX must now defend the crucial $2.3 support zone to prevent further price declines.
MYX's recent struggles have not dampened its overall growth. The protocol has reached new heights, with Total Value Locked (TVL) surging to an all-time high of $27.6 million. Revenue and fees generated by the MYX protocol have also hit record levels. However, the current liquidity situation at the $2.3 support level is unclear, with no recent or specific data available.
The sharp fall in MYX's value can be attributed to a steep decline in market funding rates. These rates dropped to a negative 0.0033%, reflecting a shift in market sentiment.
MYX Finance faces a critical test at the $2.3 support zone. Despite recent record highs in TVL and revenue, the protocol must defend this level to prevent increased bearish control and deeper price declines. The stock market's renewed bullish interest, as seen in the positive funding rate, could provide some support, but MYX's future trajectory remains uncertain.
Read also:
- HLC Approves ₹4,645.60 Crore for Flood Recovery and Wetland Rejuvenation in Nine States
- Crooked House Pub's Demolition: Council Orders Rebuild, Debate on Historic Building Protections
- Shaping India's Economic Progression: Readying the Financial System for Tomorrow
- Ethiopia's Grand Dam: 15,000 Lives Lost, Water Concerns Unresolved
