Key Takeaways

The $3.2 price level is critical for potential breakouts if buyers keep up the momentum.
MYX Finance [MYX] has rebounded significantly after a slow start to the week, rising nearly 6% recently.
This surge is driven by increased investor interest, pushing MYX towards the crucial $3.2 liquidity zone.

Market Momentum After Kraken Listing

Since its listing on Kraken on October 13, MYX had struggled initially but has recently shown strong performance. The token has experienced its most significant rally since the debut, indicating rising demand at the current price level.

Initial market reactions to the listing were lukewarm, but recent price movements have sparked renewed optimism among investors. Data from SoSoValue shows that daily trading volumes have increased, reflecting a resurgence of interest following a brief consolidation.

Moreover, MYX has successfully moved above its 5-day and 10-day moving averages—an encouraging sign that suggests increasing market momentum. In the last 24 hours, the overall market structure has shifted in favor of bullish investors. If MYX can maintain a closing price above $3.2, it may facilitate a rally towards its previous highs following the listing.

MYX price analysis
Source: SoSoValue

Potential Breakout Signals from MYX Liquidity Clusters

New insights from CoinGlass reveal a significant liquidity cluster valued at approximately $70.23K near the $3.2 price level. Historically, such liquidity zones attract traders and investors seeking volatility.

For MYX, this price point could be pivotal. If buying pressure continues, breaking through the $3.2 barrier may trigger stop orders and force short sellers out of their positions, creating additional momentum for the rally. Conversely, if the price experiences stagnation, it could lead to a cooling-off period in the near term.

Liquidity heatmap highlighting a dense liquidity cluster worth $70.23K near the $3.2 level on MYX’s trading chart.
Source: CoinGlass

Bulls Lead the Derivatives Market

Currently, bulls are in control of the derivatives market for MYX. As per Coinalyze, the Long/Short ratio is at 2.64, indicating that long positions nearly double the short positions at this price level, reflecting a strong bullish trend.

Market momentum is evidently leaning towards the bulls, and if MYX breaks through the $3.2 level, it could reshape the token’s short-term trajectory, positioning it favorably among the latest listings on Kraken.

Infographic showing long positions outpacing shorts in MYX futures, reflecting bullish trader sentiment.
Source: Coinalyze