MYX Finance Jumps 47%: A Waughian Take on the Rally

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Key Takeaways

Why did MYX Finance surge?

There was a jaunt of a $39 million short squeeze and a theatrical breach of the obstinate $11.88 barrier, a combination so tidy it could have been scripted by a Westminster committee. The net result: MYX leapt 47% in a single day, which is to say, a very decent bit of mischief indeed. 😂📈

What should traders watch for next?

Clinging to the $12 level is the hinge on which the door of fortune might swing; fail there and we drift into the dreary republic of $9-$12, even with volume that would make a banker blush and accumulation that would make a saint suspicious. 😏

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 breakout over the SuperTrend indicator confirmed the bullish bias, which is just a fancy way of saying the chart gave the thumbs up to the bulls while the bears wore a sour expression. 😬

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. The financial equivalent of a wall coming down with a collective sigh of relief, only louder. 🧱💨

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%. The market crowd played follow-the-leader, and the drumbeat of orders grew louder. 🥁

Even so, MYX still needed to flip $12 into consistent support. The MACD signaled buyers held control, but momentum appeared limited. A gentlemanly pause, one might say, before the next act. 🐢

The True Strength Index also turned upward on the 23rd of September, showing accumulation. A faint whiff of confidence, as if the house party might continue after all. 🕯️

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. A melodrama with familiar scenery, one is tempted to think. 😂

Liquidation heatmap signaled bull pressure

The Binance Liquidation Map highlighted bulls forcing price through clusters of 50x shorts. A veritable headlong rush that would look splendid in a painting by a rail-splitter with a calculator. 🎨

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. A reminder that finance remains more theatre than prophecy. 🎭

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. Such is the aroma of modern markets: predominant optimism with a whiff of rain. ☔️

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2025-09-28 11:08