MYX Finance broke out of a month-long consolidation pattern today, climbing 13% in the last 24 hours. The move came after the altcoin finally cracked through resistance at $0.07226, a level it had tested three times before the push higher.
Weekly gains now sit at 26%, with the monthly chart showing an 8.34% increase. The breakout wasn't random, though. Top traders on Binance were heavily long, with 75% betting on upside while shorts accounted for just 25% of their positions.
The real story is happening in the use markets. Traders are stacking 10x, 15x, and 20x longs worth over $500,000, compared to only $170,000 in shorts. That imbalance triggered a short squeeze, and liquidations spiked hard. In a single hour, nearly $10,000 worth of shorts got wiped out while long liquidations barely registered at $90.
Spot volume is climbing too. Daily trading volume jumped $2 million over two days, rising from $6 million to $8 million, suggesting real accumulation beneath the surface. The RSI is running hot at 76.58 and showing bullish divergence signals.
Bears are dug in around $0.09, which is why the altcoin is struggling there. If that level breaks, the next target is $0.12, the most recent lower high. Beyond that sits $0.1582, though whether MYX can actually reach that zone remains an open question.
The momentum looks genuine for now, but use-driven rallies can reverse fast. Any unexpected liquidation cascade could flip the script entirely.
This material is informational only and should not be treated as financial advice. Cryptocurrency markets are highly volatile and leveraged trading carries significant risk of loss.
