Price Overview
As of the latest update, MYXUSDT is trading around $2.00, posting an impressive +50% intraday gain. Following a strong rally from the $0.815 low, price action is currently consolidating within a symmetrical triangle formation — a technical pattern that often precedes a breakout.
Technical Pattern: Symmetrical Triangle
A symmetrical triangle is forming with:
Resistance zone: $2.07 – $2.10
Support zone: $1.94
Higher lows and lower highs converging toward an apex.
The pattern emerged after a sharp bullish move, suggesting a continuation bias to the upside if resistance breaks.
Breakout Scenarios:
Bullish Breakout
Break above $2.07–$2.10 with high volume.
Measured target: $2.85–$2.90 (based on triangle height projection).
Could trigger a short squeeze due to extreme short positioning.
Bearish Breakdown
Break below $1.94 with strong selling pressure.
Measured target: $1.12 (triangle height subtracted from breakdown point).
Volume & Momentum Indicators
Volume: Decreasing during consolidation, typical before a breakout.
RSI: Around 56–60, indicating neutral momentum with room for further upside.
MACD: Flat, awaiting a signal line cross in the breakout direction.
Funding Rate Analysis
The funding rate history for MYXUSDT over the past 12+ hours shows persistent negative values, often at the maximum floor of -2.0000%.
Implications:
Negative funding = shorts paying longs → market skewed toward short positions.
Heavy short positioning during consolidation near highs increases short squeeze risk.
Price resilience despite high short interest signals underlying bullish strength.
Market Sentiment
Technicals: Neutral-to-bullish bias due to consolidation after a rally.
Derivatives Data: Bearish positioning from traders (negative funding rates) may fuel an upside breakout if shorts are forced to cover.
Key Levels to Watch
Upside breakout trigger: $2.07–$2.10
Bullish target: $2.85–$2.90
Downside support: $1.94
Bearish target: $1.12
Conclusion:
MYXUSDT is at a pivotal technical juncture. The symmetrical triangle pattern suggests a major move is imminent. With funding rates deeply negative, the market is heavily short-biased, creating the conditions for a powerful short squeeze if bulls push through resistance.
However, a failure to hold $1.94 could flip sentiment bearish, targeting significantly lower levels.
Traders should watch for volume spikes and decisive candle closes beyond the key breakout levels for confirmation.
