MYX Finance has recently shown impressive performance.
Recently, MYX Finance [#MYX ] has performed exceptionally well. As of the time of writing, the stock price has risen by more than 13%, and the trading volume in the last 24 hours has also increased significantly by over 20%, reaching $38.66 million. This surge in trading volume indicates that market participation is warming up, and traders are eager to return to the MYX exchange.
The increase in trading volume not only reflects enhanced market confidence but also makes trading smoother, reduces slippage, and attracts short-term traders. However, active trading has also brought higher volatility due to the faster pace of position adjustments. The combination of rising prices and increased trading volume has made MYX the market focus once again.
Increase in open interest indicates trader confidence
Accompanied by rising prices, MYX's open interest (OI) has also increased accordingly. As of the time of writing, OI has risen by 8.48%, reaching $45.63 million, indicating that traders are more inclined to increase positions rather than close them. The expansion of OI means new funds are entering the market, rather than merely cycling through existing positions, which also reinforces the market's expectation of continued upward movement.
However, high leverage means that prices are more sensitive to fluctuations; if momentum weakens, the risk of liquidation will increase. But for now, traders are still willing to hold positions, showing that market sentiment is leaning bullish, with clear strength from the bulls.
Top traders are extremely confident
From the positions of top traders, the long-short ratio has risen to 1.79, with long accounts accounting for 64.22%. This indicates that experienced traders are confident in the continuation of the trend, rather than worrying about short-term corrections.
Of course, if market sentiment suddenly reverses, a high proportion of long positions may exacerbate volatility. But currently, long holdings are still within a controllable range, naturally supporting the development of upward momentum. The actions of top traders further reinforce the bullish structure of the market.
Breakthrough of the downward trendline shows significant structural improvement
Technically, MYX has broken through the downward trendline, with prices firmly above $3.03, marking an improvement in the short-term market structure. Staying above the 50-day moving average also boosts the confidence of active traders, as this is an important reference for determining trend direction.
Although there are still resistance levels above, the current structure is more favorable for buyers rather than defensive selling. As long as market participation remains, prices have the opportunity to continue upward towards higher liquidity areas.
Liquidity heatmap guides upward targets
The liquidation heatmap shows a significant concentration of liquidity around $3.20 and $3.45; these price levels act like natural magnets, and once prices approach, short liquidations may accelerate upward momentum.
At the same time, downside liquidity is weak around $2.80 and $2.72, which alleviates short-term selling pressure. If leverage is significantly reduced, volatility may amplify, but overall, the liquidity distribution leans towards testing prices upward rather than a significant correction.
What is the upward potential of MYX?
Considering the increase in trading volume, the expansion of open interest, bullish positions from traders, and improvements in technical structure, MYX presents a complete upward narrative. As long as buying pressure persists, prices may continue to advance towards the liquidity concentration area of $3.45.
It can be seen that market sentiment, structure, and capital flow are all pointing in the same direction: MYX has the potential for continued upward movement. If participation remains high, and buyers defend support, market momentum can still be sustained.
Summary
Currently, MYX's performance fully reflects the strengthening of bullish confidence. Trading volume, open interest, and trader positions complement structural improvements, collectively supporting price increases. Liquidity is concentrated above current levels, providing a clear upward path for the market.
As long as market participation does not decrease, MYX still has further upward potential, and the target level of $3.45 is worth watching. Overall, MYX is in a favorable phase of structural improvement and enhanced sentiment, making it a moment worth noting for investors looking for trading opportunities.
