MYX Finance rose approximately 10% in the past 24 hours, with the price reaching around $0.25. Despite a slight decrease in overall spot trading activity, the token continued its rebound, but trading volume fell 2.2% from the previous day to $13.42 million, indicating that this rally has not yet been supported by broader spot buying.
Open interest continues to increase
Derivatives data is the key change in this rally. MYX open interest increased by 11.96% to $20.19 million, indicating that new positions are being added to the market, rather than just price fluctuations caused by the closing of existing positions.
The simultaneous rise in prices and open interest typically indicates that traders are increasing their bets on future price movements. The article points out that this is particularly noteworthy given the weakening spot market, as the current market action appears to be driven more by derivatives funds than by a full recovery in cash market demand.
The $0.20 support level has held for now.
From a technical perspective, MYX previously rebounded from the $0.20 area and formed a higher low in the short term, indicating an improved market structure compared to the previous period. The price is currently approaching the $0.349 resistance zone, which has repeatedly suppressed rebounds and is the most closely watched level in the short term.
If the price breaks through $0.349, market attention may shift to the next supply zone around $0.50. Conversely, if it fails to break through, MYX may continue to consolidate within the current range.
Binance's top traders are bullish.
Exchange position data also shows that Binance's top traders are still clearly bullish on MYX. Long accounts account for 79.78%, while short accounts account for 20.22%, resulting in a long-short ratio of 3.95.
This data reflects that active traders are still betting on further price increases and have not clearly shifted to a defensive stance after the previous rally. However, overly concentrated long positions could also lead to faster volatility amplification during price pullbacks.
Overall, the MYX short-term trend has recovered, and the support around $0.20 remains the foundation of the current structure. However, without a significant increase in spot trading volume, the $0.349 resistance level remains the core price level that will determine the direction in the next stage.
