MYX Finance breaks through key resistance levels, short-term market activity is vibrant
In the past 24 hours, MYX Finance (\u003ct-45/\u003e) performed brilliantly, with prices rising by 8%. Analysts believe this surge mainly stems from MYX breaking through key technical and psychological resistance levels—the $3 barrier. This short-term breakthrough has attracted considerable attention, driving the token to rise rapidly.
According to a report from AMBCrypto, MYX has just broken through the descending channel, combined with high trading volume and a brief rise in open contracts, its initial target price was set at $3.45. But surprisingly, MYX not only met the target but exceeded it. On December 15, the price briefly touched a local high of $3.9, which also makes the original target price likely to become new support, laying the foundation for the next round of increase.
Decoding MYX's short-term signals
Technically, the short-term supply zone at $3.20 and the high point at $3.45 are key price levels for the structure to turn bullish. The high trading volume over the past five days verifies the authenticity of this breakthrough, showing market sentiment leaning towards bullish. The OBV indicator is also slowly rising, and moving averages indicate that momentum is shifting, suggesting that the market structure is steadily moving upward.
However, it should be noted that the open contracts have continuously decreased over the past four days, while the funding rate has significantly turned negative in the past 36 hours. This indicates that traders are closing positions, and the market may tend to short in the short term, suggesting that the recent rebound may be a bear squeeze, with a risk of a quick reversal.
Bear squeeze and market risks
According to data from Coinalyze and CoinGlass, the short-term upward trend of MYX may not be entirely solid. The long-short ratio over the past 24 hours shows 0.96, indicating that the rise after breaking $3.7 may be more about digesting short positions rather than a natural increase.
Nevertheless, the daily chart still shows a stable upward structure. The breakthrough at $3.45 is encouraging, especially as Bitcoin declines, MYX still maintains its rebound momentum. The short-term demand zone is concentrated between $3.33 and $3.52; if it falls below $3.26, the short-term bullish structure will fail.
Operational recommendations and market outlook
For traders, it is currently advisable to maintain a moderately bullish sentiment. The possibility of the price rebounding from the $3.45 area to the next resistance level of $4.2 is still greater than the probability of a short-term bearish reversal. Combining futures data and price trends, recent fluctuations may be a bear squeeze, but this does not mean that bullish opportunities have disappeared.
It is advisable to pay attention to buying opportunities in the range of $3.4 to $3.5, while closely monitoring changes in trading volume and funding rates. Once the price stabilizes at support and trading volume rebounds, the next round of increase may unfold at any time.
Summary
MYX Finance's recent surge is filled with volatility and opportunities. The breakthrough at the key point of $3.45 shows a short-term structure shifting towards bullish, but the bear squeeze and changes in funding rates remind traders to remain cautious. Overall, maintaining a moderately bullish stance and focusing on buying opportunities in support areas may be the more prudent strategy.
