MYX Finance’s Weakening Correlation With Bitcoin Could Drive 48% Price Recovery

Core Viewpoint - MYX Finance has experienced significant selling pressure, dropping 48% from its highs and falling below $10, but technical indicators suggest a potential rebound may be forthcoming [1][2]. Group 1: Market Performance - MYX Finance is currently priced at $9.03, maintaining a position just above the critical support level of $8.90, which is essential for any recovery attempts [6]. - The altcoin's decline followed its failure to breach its all-time high of $19.98, resulting in a nearly 50% reduction in value [6]. Group 2: Technical Indicators - The Relative Strength Index (RSI) indicates that bullish momentum in MYX remains intact, holding above the neutral 50.0 mark, which signals resilience despite market volatility [2]. - MYX has shown divergence from Bitcoin, with the correlation dropping to 0.46, suggesting a weakening dependency on Bitcoin's price movements [4]. Group 3: Future Outlook - If MYX can maintain its position above $8.90, it may rebound and potentially break through resistance at $10.54, paving the way toward $14.04 and recovering much of its recent losses [7]. - A further decline in correlation with Bitcoin could allow MYX to chart its own course, which has historically benefited altcoins with strong fundamentals [5].