MYX Finance gained 35% in 24 hours and over 1900% in 7 days, becoming the top performer on major tracking platforms.
$10.14 million in short liquidations created massive buying pressure, driving the token’s meteoric price rise. MYX Finance has become one of the brightest stars in the crypto market. The token has gained 35% in the last 24 hours, becoming the best performer in a single day on CoinGecko and CMC, going against the overall market. MYX Finance is performing exceptionally well in the global cryptocurrency market with a price growth of over 1900% in the past 7 days. The spectacular price movement has drawn a lot of investor interest in the digital asset markets.
Key Catalysts Drive MYX Finance’s Meteoric Rise
A number of reasons have led to the remarkable price action of MYX Finance in the recent trading sessions. The token was the third-most liquidated token, with short positions worth $10.14 million being liquidated. This huge short squeeze generated a huge buying pressure, which greatly increased the upward price pressure. Listing of the token in major exchanges has increased the exposure and accessibility of the token to investors.
Source:Coinglass
The market cap of MYX has been pumped by almost $15 million to more than $325 million, which is unprecedented. The constant trading platform on which MYX Finance is based has shown good performance indicators in the recent past.
Based on technical analysis, the token has breached important resistance levels, and this has caused algorithmic buying. The trading dynamics and price volatility have also been affected by the token unlock events that are planned to take place today.
The fear of missing out has been enhanced among retail investors who are looking to get exposure. Market observers observe the lack of correlation between the perpetual volumes and the spot trading activity patterns. Although there have been fears of manipulation of the MYX token, there has been no substantive evidence that has been uncovered by investigations. The performance of the token indicates the unstable character of smaller-cap cryptocurrency investments at present.
MYX Finance protocol is a decentralized exchange that focuses on perpetual trading contracts. The new platform and the release of new versions have created a lot of interest in the community. The amount of trading on the DEX has also hit all-time highs, far exceeding any previous records. The total value locked in the protocol has also shown a similar increase with the rise in the tokens.
The announcements of listings on Binance Alpha have also given an extra boost to the price trend of the token. The increased liquidity due to large exchange integrations has minimized price volatility in the trading sessions. These strategic additions to the platform have been observed to increase order book depth by professional traders. The listing has brought the attention of institutional investors to the formerly less-known DeFi protocol.
Technical analysis shows that MYX Finance has penetrated a symmetrical triangle pattern prior to the current rally. The chart patterns are indicative of the possibility of the continuation of the prevailing bullish trend in case momentum is maintained. Nevertheless, analysts caution that a quick rise in prices is usually followed by a major correction. Risk management is essential to investors who may be planning an entry at these high levels. Investors are still hopeful that the markets will continue to rise as they may improve even more.