MYX Finance [MYX] is down over 99% from its peak market cap of $3.765 billion to around $130 million at press time. MYX rallied by more than 24% in the past 24 hours, which took the weekly gains to 48%.
However, the altcoin was down 85% in a month and 95% in the past six months. This meant the altcoin was trading in a bear structure, but the short-term outlook was bullish.
Traders leveraging MYX long positions
The short-term price action of MYX was driven by Open Interest (OI), positive Funding Rates, and a spike in long orders.
As per CoinGlass data, the Long/Short Accounts Ratio for most exchanges was all above the 1.0 mark. Both Binance’s Futures and Spot markets collectively had a ratio of 2.245, which was the highest of all.
The Top Trader Ratio for accounts was 2.287, while that of positions was 1.540. This indicated these traders had more MYX buy positions on Binance.
There was also a spike in short liquidations, which accelerated the gains. About $122K in short orders were wiped out, which was more than 4x that of long orders at $25K.
Additionally, the OI-Weighted Funding Rate has been green since mid-February, when the levels dropped sharply. As per the data, this metric reading was at 0.0076%.
This reading indicated traders were leveraging their longs as they paid shorts to keep their positions open.
While traders were going long, the technical outlook was aligning with this activity.
MYX breaks above sideways consolidation
On the charts, the altcoin had broken above the consolidation range between $0.2883 and $0.3378. The breakout was confirmed with a retest that came as another consolidation above $0.3378.
The MACD’s histogram bars were rising, indicating bull strength. This was evident as the altcoin was printing huge bullish candles, with the price approaching a lower high in the $0.5050 zone.
Again, the Correlation Coefficient (CC) with Bitcoin [BTC] was at 0.36, above the neutral line. BTC was trading above $71,000, reflecting strength in the broader crypto market. However, this reading was down from a high of 0.80 about five days ago.
Flipping the lower high at $0.50 could change the outlook to be bullish, potentially leading to a return to $1 or higher levels. If the zone rejects, MYX could form another lower low, extending the bearish trend.
Final Summary
- MYX price rallies 24%, doubling its weekly gains to 48%, but the price stays 99% below its ATH.
- MYX could flip $0.50 only if current bullish strength continued.
