The price action of MYX Finance (MYX) has highlighted a decisive change in trader behavior. Bulls steadily absorbed the overhead supply, increasing the price to $6.38 on January 24 and holding above the 7-day and 30-day SMAs.
As the short-term structure improved, the bears lost control and failed to trigger deeper pullbacks. This failure encouraged dip buyers to step in, thereby reinforcing the bullish momentum.
Meanwhile, the RSI was hovering near 60, reflecting increasing strength without signaling excessive extension. This made traders confident rather than cautious.
Price also respected the 23.6% Fibonacci retracement at $6.19, converting it into near-term support.
Source: TradingView
This defense signaled acceptance at higher levels, prompting traders to position for continuation rather than range rotation.
Additionally, volume spikes during impulse candles indicated conviction-based buying rather than just short covering.
As a result, market participants have increasingly favored configurations that follow trends. Going forward, the bulls remained focused on reclaiming the $7.20-$7.50 resistance zone to extend price discovery.
However, the $4.80 to $5.00 range continued to serve as key structural support anchoring broader sentiment.
Sustained Perp volume signals capital turnover, not speculation
MYX’s perpetual volume trend signaled a decisive shift in trader behavior. For months, volume remained steady around $250 million to $300 million, reflecting steady but cautious participation.
However, the sudden rise towards the $550 million to $600 million zone marks a clear regime change.
It is important to note that this expansion is not the result of low activity. Instead, it builds on already consistent usage, suggesting growing engagement rather than thin speculative bursts.
Source: DeFiLlama
As price momentum improved, traders increased position sizes, strengthening liquidity depth. Therefore, bears struggled to blunt rallies while bulls pressed continuation setups.
The v2 upgrade acted as a structural catalyst, improving execution and liquidity efficiency. This change encouraged traders to increase their positions rather than chasing short-lived hype.
This dynamic indicated more belief than pure FOMO. Participants appeared to be responding to tighter spreads, improved structure, and growing confidence in MYX’s execution environment.
On top of that, a broader rotation of capital into perpetual DEXs has amplified the move, especially as spot market activity has slowed.
For MYX investors, this increase implied a strengthening of the relevance of the protocol. Sustained high volume supported fee generation and validated long-term adoption, provided activity remained high beyond the impulse phase.
Can MYX Bulls Reclaim the $7.50 Zone?
MYX price action continued to compress below the $7.20 to $7.50 supply zone, signaling accumulation rather than exhaustion.
Bulls defended higher lows along the ascending trendline, reflecting improving market structure. Meanwhile, price held above the short-term EMA, confirming dynamic support and a bullish bias.
Source: TradingView
As momentum stabilized, the RSI remained near 60, showing strength without excessive extension.
This balance allowed buyers to remain active. Additionally, volume increased on bullish candles, signaling engagement rather than reactive short covering.
For bulls to reclaim $7.50, price must maintain higher lows and move closer to the resistance band with heavy volume. If this happens, the momentum could extend into a higher trading range.
Final Thoughts
- MYX price action reflects conviction dynamics, with buyers holding control above key technical levels and volume confirming acceptance of higher prices rather than short-term speculation.
- Perpetual volume expansion signals a structural shift in participation, supported by the v2 upgrade and capital rotation to perp DEXs, reinforcing MYX’s growing liquidity depth and protocol relevance.
