MYX Finance (MYX) surged over 13% in the past 24 hours, extending its weekly gains to more than 26% after breaking out of a month-long triangle consolidation pattern. The altcoin’s monthly change is positive at 8.34%. The breakout was confirmed by a triple retest at the $0.07226 resistance level, with 75% of top traders on Binance holding long positions. Rising trading volume and leveraged long orders signaled spot accumulation, while a short squeeze wiped out roughly $10,000 in short positions. However, bears remain active near $0.09, and continued upside depends on broader market conditions.
MYX Finance rallied more than 13% in the past 24 hours after a prolonged downtrend, with weekly gains surpassing 26% and a monthly change of 8.34%. The 4-hour chart showed the altcoin breaking out of a triangle pattern that had lasted over a month, breaching the slanting resistance at $0.07226. The breakout was confirmed by a triple retest at that level.
On Binance, approximately 75% of top traders held long positions, while 25% were shorting. The Long/Short ratio for all accounts stood at 3.357, and for top trader positions it was 1.295. The Relative Strength Index (RSI) showed a bullish divergence with a reading of 76.58.
Bears remain active near the $0.09 zone, explaining why MYX Finance struggled to surpass that level. If breached, the altcoin could rise to $0.12, the most recent lower high, with the next significant supply area at $0.1582. Daily token trading volume increased from $6 million to $8 million over the past two days, indicating spot accumulation.
Leveraged orders also contributed to the rally. Long orders of 10x, 15x, and 20x leverage worth over $500,000 were placed on Binance, compared to $170,000 in shorts. This created a short squeeze, with roughly $10,000 in short positions liquidated against only $90 in long liquidations. The move resulted in the largest hourly liquidations over the past week. “MYX’s rally continuation remains plausible but is subject to the uncertainties in the crypto markets.”
