The cryptocurrency MYX Finance has seen a significant price rebound, rallying over 24% in a day and 48% over the week. Despite these short-term gains, the token remains more than 99% below its all-time peak market cap, which reached $3.76 billion, with its current value around $130 million. Market data indicates this recent surge is driven by traders heavily leveraging long positions.
The altcoin MYX Finance is down over 99% from its peak market cap of $3.76 billion to approximately $130 million. While it has gained 48% this week, the token has fallen 85% in a month and 95% over the past six months, indicating a persistent bearish structure.
Recent price action has been driven by increasing Open Interest, positive Funding Rates, and a spike in long orders. According to CoinGlass data, the Long/Short Accounts Ratio on major exchanges like Binance was all above 1.0, signaling prevalent bullish sentiment among traders.
Top traders on Binance held more buy positions, with a Top Trader Account Ratio of 2.287. A spike in short liquidations, where $122,000 in short orders were wiped out compared to $25,000 in long liquidations, accelerated the price gains.
The OI-Weighted Funding Rate has remained positive since mid-February, with a current reading of 0.0076%. This metric indicates traders leveraging long positions are paying shorts to keep their positions open.
Technically, MYX broke above a consolidation range between $0.2883 and $0.3378. The Moving Average Convergence Divergence (MACD) histogram shows rising bull strength as the price approaches a key lower high near $0.5050.
Its Correlation Coefficient with Bitcoin is 0.36, above the neutral line but down from 0.80 five days ago. Flipping the $0.50 resistance could change the outlook, while a rejection could extend the bearish trend.
