Key Takeaways
Why did MYX Finance surge?
A $39 million short squeeze and breakout above $11.88 resistance fueled MYX’s 47% daily rally.
What should traders watch for next?
Holding $12 support is key; failure risks range-bound $9–$12 movement despite strong trading volume and bullish accumulation.
MYX Finance [MYX] surged by 47% on the 27th of September, as the broader market rebounded by 0.68% on the day. The altcoin had earlier held above $10 despite trader skepticism that the abrupt rally would fade.
MYX has continued to disappoint the naysayers as it has maintained its earlier hype despite a recent market cool-off. On that note, we will be exploring what was behind this price surge one day.
What’s driving MYX rally?
The 47% surge in price of MYX was greatly influenced by the technical breakout, with the price surging from the $9 support zone to the resistance at $11.88.
A technical breakout over the SuperTrend indicator confirmed the bullish bias.
The liquidation of more than $39 million in short positions triggered a short squeeze. The result was the price rallying past $10 as the sell wall was cleared.
Additionally, the highly leveraged orders contributed to the overall charge. The positions contributed to the rise in volume that reached $194 million. The daily trading volume registered an uptick of 51.7%.
Even so, MYX still needed to flip $12 into consistent support. The MACD signaled buyers held control, but momentum appeared limited.
The True Strength Index also turned upward on the 23rd of September, showing accumulation.
Source: TradingView
If MYX failed to hold above $12, the price could slip back into its prior $9–$12 range. Another sell-off risked extending losses below the lower bound.
Liquidation heatmap signaled bull pressure
The Binance Liquidation Map highlighted bulls forcing price through clusters of 50x shorts.
Cumulative long liquidation leverage reached $1.24 million near $9.76, compared to $675,000 from sellers. That positioning reflected bets for prices above $11, though leverage alone could not guarantee upside.
Source: CoinGlass
At press time, MYX traded at $12.78 with a $2.51 billion market cap, retracing from its $14.45 daily close. The token still showed elevated volume and strong holder interest, but broader market weakness kept downside risks in view.
