MYX Finance rallied more than 23% in the past 24 hours as per CoinMarketCap data, leading all top 100 coins by market cap. These gains erased all the weekly losses, as it put the altcoin up 19% on this scale.
MYX and MemeCore [M] were the only coins that recorded double-digit gains during the day as of press time.
This outperformance of the whole crypto market came at a time when the capitalization fell below the $3 trillion mark, losing about 5%.
Speculation on a potential Binance listing this December is what probably fueled this surge.
MYX Finance [MYX] traders increasingly became optimistic after the launch of MYX perpetual futures, which historically preceded spot listings.
Bulls fuel MYX price breakout
Also, the more than 23% gains as of press time were pushed by the technical breakout on the charts. After being quiet for more than 10 days of November, bulls broke above $3 as they gained more momentum.
The MACD flipped green while the signal lines rose above bars that were increasing in size. Additionally, the On Balance Volume (OBV), which was also flat for two weeks, spiked past $11 billion.
In case the momentum is maintained, higher prices past $3.50 could be achieved. The zone was responsible for the bearish price action that pushed the price up to the $2.29 low of the last two weeks.
Source: TradingView
The key demand zone for bulls that drove the initial breakout was at $2.60. However, this was met with rejection, which fell to $2.70, where a true breakout followed.
When writing, MYX was trading around $3.50, with bulls showing they could breach the zone despite the sell pressure here.
The volume of the hourly candles indicated the presence of enough liquidity. The robustness of the price movement affirmed the volatility in the market, even when most coins were in the red.
However, the bears at $3.50 could re-engineer another 33% price decline just like previously. This is if bulls cooled off their momentum.
Open Interest spikes, but volume stays flat
The rally was not only driven by technical breakout and speculation. Open Interest and consistent perp volume played a part in this.
The OI spiked from a low of $1.33 million to more than $3.80 million, which was more than 3 times in a day.
Investors were gradually returning to trade the altcoin, with the Binance listing speculation helping in this spike in interest.
Source: DefiLlama
Furthermore, MYX Finance was meeting its objective in the field of derivative exchanges. Its perp volume consistently stayed flat around the $300 million mark, but was significant.
This was despite the stall in activities for most coins.
Final Thoughts
- MYX Finance jumped 23%+, driven by speculation of a Binance listing, a range breakout, and increasing interest.
- MYX price faces resistance around $3.50, but bulls showed momentum and could surpass this level.
Source: https://ambcrypto.com/myx-crypto-rallies-23-but-will-the-momentum-last/
