MYX Price Rises 41%, But Traders Look to Benefit from Crash

MYX Finance has been riding a strong rally in recent sessions, pushing the altcoin closer to its all-time high. 

The bullish momentum has kept MYX among the best-performing tokens, but traders appear divided. While the broader market trends upward, MYX holders and short-term speculators show mixed signals.

MYX Finance Traders Switch Stance

The MYX funding rate recently dropped to its lowest point this week as traders placed short contracts against the token. Many were anticipating a saturation point followed by a reversal, expecting the altcoin to lose momentum after its latest price surge.

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However, the decline in funding rates did not produce the anticipated correction. Instead, shorts traders were hit with liquidations as MYX kept climbing. This development is likely to neutralize bearish sentiment in the near term.

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The squeeze momentum indicator is currently flashing a strong bullish signal, suggesting that MYX’s rally has more fuel. The green bars on the indicator highlight a squeeze release, which often coincides with extended upward moves. Momentum continues to strengthen rather than fade.

This technical backdrop indicates that MYX Finance is resisting short pressure and also building the groundwork for additional growth. As long as capital inflows remain intact, the altcoin could maintain its bullish trajectory and reclaim lost ground from recent corrections.

MYX Price Will Make It To The ATH

At the time of writing, MYX Finance is trading at $16.17, up 41% in the last 24 hours. The sharp surge has pushed it within striking distance of its all-time high at $19.98, which was set last week.

To revisit this level, MYX must first hold its support at $14.46. A successful bounce from this zone would set the stage for another run toward $19.98, with potential upside extending as high as $22.00.

Conversely, if investors decide to lock in profits, the bullish outlook could weaken quickly. A dip below $14.46 may expose MYX to further declines. This will potentially drag the price down to $11.52 and invalidate the current bullish structure.