Examining MYX's Price Surge: Is $3.45 the Next Target?

MYX price surges 13% as volume and Open Interest spike

MYX Finance (MYX) has experienced a notable shift in its performance, with its price increasing by over 13% and a significant 24-hour trading volume that rose more than 20% to $38.66 million at the time of writing. This increase in activity indicates a revival of interest in the MYX market as traders eagerly return. The growing turnover demonstrates solid conviction among traders as they opt for assets with rising liquidity. Furthermore, enhanced trading volume facilitates better execution and minimizes slippage, attracting more short-term traders. However, this heightened involvement can also lead to increased volatility due to rapid adjustments to positions. Despite this, the combination of rising prices and volumes firmly places MYX back into market focus.

Open Interest Increases as Traders Engage More

As of the latest updates, Open Interest (OI) rose by 8.48% to $45.63 million, signaling that traders are increasing their exposure rather than closing existing positions. This growth highlights a bolstered confidence in continued upward movement, particularly as leverage climbs in tandem with spot market participation. The rise in OI indicates that new money is entering the market instead of circulating existing positions. Nevertheless, higher leverage can make the market more sensitive to drastic price fluctuations, increasing the risk of liquidation if the momentum slows. Despite this risk, traders seem comfortable maintaining their positions, reflecting optimism for further gains rather than imminent retracement. Consequently, the derivatives market currently supports bullish sentiment rather than acting as a barrier.

Source: CoinGlass

Trader Sentiment Shifts to Bullish as Long Positions Increase

The positioning of top traders appears increasingly bullish, with the Long/Short Ratio climbing to 1.79 and long positions making up 64.22% as of the last update. This trend highlights a growing confidence among experienced traders who typically react swiftly to shifts in momentum. The data suggests an expectation for continued growth rather than a temporary pullback. However, a concentration of long positions could enhance volatility if market sentiment changes abruptly. Nonetheless, the current positioning remains balanced, allowing positive momentum to build naturally. As long positions increase alongside OI, the overall sentiment favors a bullish outlook for MYX.

Source: CoinGlass

MYX Surpasses Downtrend and Maintains Strength

MYX has successfully broken above its downward trend, suggesting a positive structural change that reshapes short-term expectations. The price has settled above the $3.03 mark and is making strides toward higher targets, showing improved momentum. Additionally, maintaining a position above the 50-SMA supports trader confidence, as this level often indicates the direction of trends for active traders. Although there are still resistance levels above, the current market structure favors buyers, reflecting a proactive approach instead of one that reacts defensively. However, sustained interest is necessary for continued progress, without reliance on isolated spikes. This setup positions MYX advantageously for reaching higher liquidity zones, supporting an expansion rather than a contraction in price.

MYX price action analysis Source: TradingView

Liquidity Targets Highlighted by Heatmap

The liquidation heatmap indicates substantial liquidity clusters around the $3.20 and $3.45 levels, which are likely to act as price magnets. As MYX ascends, liquidations amongst short positions could accelerate upward momentum as these thresholds are reached. Meanwhile, there is less liquidity on the downside at $2.80 and $2.72, diminishing immediate selling pressure. Rapid volatility may ensue if leverage unwinds sharply. Despite this potential risk, the existing liquidity distribution leans toward upward movement rather than steep retracements. Thus, price actions are likely to gravitate toward these upper liquidity zones, provided that buying pressure remains robust. The heatmap reinforces the already evident bullish structure across other key metrics.

Source: CoinGlass

Can MYX Reach the $3.45 Mark?

With rising trading volumes, expanding Open Interest, increased bullish sentiment among traders, and improved market structure, MYX is positioned for an upward narrative. Given the liquidity above the current price levels, there is a clear pathway for MYX to approach the $3.45 target if participation levels remain high and buyers maintain support.

Conclusion

In summary, MYX is currently displaying strong indicators for potential growth, making the possibility of reaching $3.45 a credible target if market dynamics continue to favor buyers.