MYX Finance’s (MYX) 43% Rebound Puts All-Time High Back in Sight

MYX Finance’s native token, MYX, has regained strength following a rocky week. It has surged over 40% in the past 24 hours to become today’s top gainer. 

The sharp rebound follows several days of losses, and renewed demand now signals that the token may be preparing to revisit its all-time high.

Bulls Tighten Grip on MYX

MYX’s double-digit gains over the past 24 hours appear well supported by market demand. Readings from its positive Balance of Power (BoP) confirm this. As of this writing, the key momentum indicator is at 0.87 and nudging higher, indicating climbing buy-side pressure. 

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The BoP indicator measures the strength of buying versus selling activity in the market. A BoP reading above zero reflects bullish dominance, where buyers drive price action, while a negative reading indicates that sellers are in control. 

With MYX’s BoP sitting firmly in positive territory at 0.87 and trending upward, buying momentum is steadily intensifying. This buy-side pressure validates the recent price surge and strengthens the case for MYX to continue its push toward reclaiming its all-time high.

Further, the token’s climbing futures open interest reflects the increased activity around MYX over the past day, lending credence to the bullish outlook above. Per Coinglass, this currently sits at $208 million, up 6% in the past day. 

An asset’s open interest tracks the total number of outstanding derivative contracts (futures or options) that have not yet been settled.

When it rises, it suggests that more money is flowing into the asset, amplifying existing price trends. Conversely, declining open interest indicates waning demand or traders closing positions. 

In MYX’s case, the 6% uptick to $208 million during its ongoing price rally signals that fresh capital is backing the surge. This combination shows a strong bullish conviction, strengthening the token’s momentum and potential to keep rallying.

MYX Price Targets $19

A sustained rise in MYX’s demand could propel the token toward its all-time high of $19, where a key resistance level currently sits. A decisive breakout above this barrier would likely pave the way for fresh price peaks as bullish momentum grows.

On the flip side, if the rally proves to be a bull trap, MYX risks resuming its decline. A drop toward $14.95 would test the bulls’ ability to defend support. Failure to hold this level could open the door to a deeper correction toward $11.78.