Why MYX Finance Price Up Today By 33%?
The post Why MYX Finance Price Up Today By 33%? appeared first on Coinpedia Fintech News
MYX Finance has emerged as one of the top-performing altcoins today, with the MYX Finance price jumping more than 33% to trade around $1.24. However, the sharp MYX price increase comes after a major funding announcement, strong derivatives activity, and growing investor interest ahead of the platform’s upcoming upgrade.
MYX Finance Received Funding From Consensys
One of the biggest reasons behind the MYX Finance price surge is its recent strategic funding round led by Consensys, a leading blockchain technology firm known for developing MetaMask and supporting Ethereum infrastructure.
Investors often see funding from well-known firms as a sign of credibility and future growth.
The team made this announcement just before launching MYX V2, which will introduce new features and improve trading efficiency on the platform. As a result, demand for MYX tokens increased rapidly.
Derivatives Trading, Liqudation Spark MYX Price Rally
Another key reason behind the MYX price rally is strong activity in the derivatives market. MYX open interest has jumped nearly 30%, showing that many traders opened leveraged long positions expecting further gains.
In the past 24 hours, traders liquidated about $2.11 million in positions, mostly from short sellers. As the price rose quickly, short sellers closed their trades, which pushed the MYX price even higher.
This short squeeze attracted more traders and increased buying demand.
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MYX Trading Volume Surge 200%
MYX Finance price also saw a massive spike in trading volume. In the past 24 hours, MYX trading volume jumped over 200%, reaching approximately $311 million. High trading volume usually confirms strong investor participation and supports price momentum.
This surge in volume shows that both retail traders and institutional investors are actively trading MYX tokens.
MYX Finance Price Prediction
Looking at the MYX 4-hour price chart, it has broken out of its falling channel on the 4-hour chart, showing strong bullish momentum. MYX Finance price is now testing resistance near $1.73, if $1.20 support holds above.
Further, now all eyes are on today’s PCE data. If momentum continues, MYX could rally toward $2.00, especially if today’s U.S. PCE inflation data comes below the Now 2.8%.
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FAQs
MYX Finance jumped 33% due to new funding, strong derivatives activity, and growing investor interest ahead of its platform upgrade.
Funding from Consensys boosted credibility and investor confidence, increasing demand for MYX tokens before the MYX V2 upgrade.
While the recent funding from Consensys and V2 upgrade news are positive signs, investors should watch for support at $1.20 and wait for confirmation of sustained momentum before investing.
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