Article Details

MYX Finance Skyrockets 60% in Just One Day! What’s Going On?

TL;DR

• Price Surge: MYX Finance soared 60% in just 24 hours, climbing to $17.20 and approaching its previous all-time high of $19, signaling renewed investor confidence and bullish momentum.
• Volume Spike: Daily trading volume exploded by 153%, reaching $400 million, while futures open interest rose 6% to $208 million, indicating strong market participation and fresh capital inflows.
• Technical Strength: With a Balance of Power reading of 0.87 and RSI at 71, MYX shows clear bullish dominance without entering overbought territory.
  

  ---

MYX Finance’s native token, MYX, has stunned the crypto market with a dramatic 60% surge over the past 24 hours, reclaiming its spot among the top gainers. After a turbulent week marked by fraud allegations and price volatility, the token is now trading above $17, inching closer to its all-time high of $19. The rally is backed by strong technical indicators, rising trading volume, and renewed investor confidence, signaling a potential breakout in the days ahead.

Bullish Momentum Returns

MYX’s rebound began after a steep decline earlier this month, but recent price action shows buyers are back in control. The Balance of Power (BoP) indicator currently sits at 0.87, confirming bullish dominance. This metric reflects the strength of buying versus selling pressure, and MYX’s upward trend suggests sustained demand. Additionally, the Relative Strength Index (RSI) has climbed to 71, indicating strong investor interest without yet breaching overbought territory.

Trading Volume and Open Interest Surge

Investor enthusiasm is reflected in MYX’s trading volume, which spiked 153% to $400 million in just one day. This surge coincides with a 6% increase in futures open interest, now totaling $208 million. Rising open interest typically signals fresh capital entering the market, reinforcing bullish sentiment. These metrics suggest that traders are not only buying MYX but also opening new positions, betting on further price appreciation.

Market Cap and Ranking Rebound

MYX’s market capitalization has rebounded to over $3 billion, pushing it to the 42nd spot among cryptocurrencies. According to CoinMarketCap, the token’s circulating supply stands at 197 million, with a total supply capped at 1 billion. The protocol’s unique architecture, including chain abstraction and a matching pool mechanism, continues to attract liquidity and support high-volume trading across multiple networks.

Eyes on the $19 Resistance

With MYX now trading at $17.20, increasing nearly 60%, the next major hurdle is its previous all-time high of $19. A decisive break above this level could trigger a new wave of price discovery. However, analysts caution that failure to hold above $14.95 could lead to a correction toward $11.78. For now, the momentum favors the bulls, and MYX’s technical setup suggests the rally may have more room to run.