MYX Finance has fallen 25% in 24 hours to $0.1807, while volume has increased 66.95% to $20.51 million.
This development indicates that selling pressure is prevailing, with increased market activity mainly occurring during price dips. Derivative data and trading positions also reflect continued risk if the nearest support level is breached.
- MYX Finance dropped 25% in 24 hours despite a sharp increase in volume .
- Most top traders on Binance are still holding Longing positions, but the price hasn't confirmed expectations of a recovery.
- The support zone around $0.165 and negative funding rates are two signals to watch.
Volume increased, but MYX price continued to fall.
MYX Finance was one of the biggest Token in the last 24 hours, with its price falling to $0.1807. Volume increased to $20.51 million, indicating stronger market participation, but much of this pressure came from selling pressure.
A mismatch between price and volume often indicates that sellers are in control of short-term price movements. In this case, the available data does not yet show sufficient buying pressure to create a clear rebound.
Why do most Binance traders still hold Longing positions?
On Binance, 78.92% of MYX's top trader accounts are holding Longing positions, while 21.08% are holding Short positions. The Longing/ Short ratio is 3.74, indicating that bullish sentiment remains quite strong despite the price moving against expectations.
When Longing positions dominate during a price decline, the risk of liquidation can increase if the weak trend continues. The discrepancy between trading positions and price movements also raises the possibility that leveraged Longing orders are vulnerable to further pressure.
The support zone at $0.165 is a crucial point.
MYX has returned to the demand zone around $0.165 after being rejected from the supply zone of $0.277 earlier. This is a crucial area as it has repeatedly absorbed selling pressure since April, but each retest has weakened the bullish structure.
The RSI has fallen to 39.35 after previously exceeding 70, indicating a significant cooling of the previous upward momentum. If the $0.165 level holds, MYX could retest the $0.277 mark; conversely, a decisive break below this level would open the door to a deeper correction.
Negative funding rates indicate increasing caution.
The MYX's open-ended (OI) funding rate has shifted to -0.0026%, indicating that Short sellers are now paying to maintain their positions. This is a notable change from the previous period, when funding remained mostly positive in May and early June.
Negative funding rates typically appear when the market is leaning towards expectations of further declines. Given that the price has just been rejected at higher levels, this signal suggests that the Derivative market is being much more cautious than the Longing positions seen on Binance.
Summary
MYX Finance is under significant downward pressure, while position and funding data suggest the market is still divided on a sustainable rebound. The $0.165 level is a crucial area to watch closely as it could determine the Token's next direction.
