The cryptocurrency MYX Finance (MYX) saw its price surge 83.65% to $1.76 in 24 hours amid explosive trading volume growth of over 209%. The rally reversed a previous downtrend, with key technical indicators and derivatives data suggesting strong bullish sentiment among major traders. However, the rapid increase in leveraged positions also signals a potential for heightened volatility moving forward.
The price of MYX climbed 83.65% to $1.76 as trading volume exploded 209.35% to $405.76 million across major exchanges. Buyers stepped in aggressively and drove a sharp expansion candle on the 4H chart, pushing the price away from the $0.83 macro support.
The impulsive move broke the immediate descending structure and shifted short-term momentum. Data from CoinGlass shows Binance top trader positioning is skewed heavily long, with 65.31% of accounts holding long positions for a Long/Short ratio of 1.88.
Open Interest expanded 120.17% to $51.62 million during the rally, confirming fresh leveraged capital entered the market. The alignment of rising price, volume, and Open Interest typically reflects aggressive new longs rather than simple short covering.
The Relative Strength Index rebounded from an oversold level of 26 to 56, confirming momentum expansion. The structure now shows early signs of a potential trend transition after establishing a higher low above $0.83.
However, explosive moves often attract momentum traders quickly, and volatility could remain elevated. The next major resistance is seen at $3.00 from the prior breakdown region.
