MYX Finance (MYX) is down more than 99% from its peak market cap of $3.765 billion to around $130 million at press time. MYX is up over 24% in the past 24 hours, bringing weekly gains to 48%.
However, the altcoin is down 85% in one month and 95% over the past six months. This meant that the altcoin was trading in a bearish structure, but the short-term outlook was bullish.
Traders Take Advantage of Long Positions on MYX
MYX’s short-term price action has been driven by open interest (OI), positive funding rates, and a rise in long orders.
According to CoinGlass data, the long/short account ratio for most exchanges was above 1.0. Binance 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 for positions was 1.540. This indicates that these traders had more long MYX positions on Binance.
There was also an increase in short liquidations, which accelerated gains. About $122,000 of short orders were cleared, more than 4 times that of long orders at $25,000.
Additionally, the IO-weighted funding rate has been in the green since mid-February, when levels fell sharply. According to the data, this metric reading was 0.0076%.
This reading indicates that traders were exploiting their long positions by paying short positions to keep their positions open.
While traders were long, the technical outlook aligned with this activity.
MYX surpasses sideways consolidation
On the charts, the altcoin broke out above the consolidation range between $0.2883 and $0.3378. The breakout was confirmed by a retest which occurred as another consolidation above $0.3378.
The MACD histogram bars were rising, indicating the strength of the bull market. This was evident as the altcoin printed huge bullish candles with the price closing in on a low in the $0.5050 area.
Again, the correlation coefficient (CC) with Bitcoin (BTC) was 0.36, above the neutral line. BTC was trading above $71,000, reflecting the strength of the broader crypto market. However, this figure is down from a high of 0.80 about five days ago.
Reversal of the high below $0.50 could change the outlook to bullish, potentially leading to a return to levels of $1 or higher. If the zone is rejected, MYX could form another low, extending the downtrend.
Final summary
- MYX price rises 24%, doubling its weekly gains to 48%, but the price remains 99% below its ATH.
- MYX could only reverse $0.50 if the current bullish strength continues.
