The token $MYX Finance grew by 1240% in one week, reaching an all-time high of $17.94, as derivatives trading on the exchange shows sharp growth.
Key notes
The upcoming update of protocol V2, listings of large tokens such as WLFI, and record activity of derivatives on the MYX Finance platform contribute to growth.
Analysts warn of extreme overbought conditions for the price of MYX, suggesting potential profit fixation.
Wyckoff's theory shows that the accumulation phase has ended and the distribution phase will soon begin.
MYX, the proprietary cryptocurrency of MYX Finance, has risen by a whopping 1240% on the weekly chart, reaching a new all-time high of $17.94 today.
On September 9, its market capitalization rose to $3.35 billion, significantly higher than less than $200 million a week earlier.
MYX is the proprietary cryptocurrency of the non-custodial derivatives exchange MYX Finance, which has recently been in the spotlight.
What is behind the rise in MYX Finance stock prices?
At the beginning of September, the cryptocurrency MYX was virtually unknown to the crypto community.
However, the parabolic rise in the price of MYX occurred against the backdrop of a sharp increase in prices and trading volumes on the MYX Finance derivatives exchange, attracting close attention from traders and analysts.
This rally was driven by several factors, such as the upcoming V2 protocol update, which promises zero slippage trading, improved cross-chain support, and a more optimized user interface.
Large token listings, such as Global Financial Freedom (WLFI), have led to an influx of fresh liquidity to the exchange.
Coinglass data shows that activity in the MYX Finance (MYX) derivatives market has surged sharply, with open interest reaching record levels and highlighted by significant trading volume using leverage.
In August, MYX Finance processed record assets amounting to $10.3 billion compared to $1.6 billion in February.
Since then, monthly volumes have steadily increased every month, continuing the upward trend.
The price of MYX indicates overbought conditions
After a significant price increase of MYX by 1200% over the last two days, experts urge caution before opening new positions.
rapid growth can be risky and a sharp decline or sudden drop is possible, and investors are advised to remain vigilant.
$MYX Reaching $2.6 billion with zero developer activity will peak the cryptocurrency in 2025
– dead GitHub repository
– no community
– no founders
– it literally jumped into the top 50 without doing... anything?
either a massive insider game, or we are about to witness the most grandiose rug pull in history
this will not end well.....
the possibility of significant profit fixation on the altcoin. From a technical point of view, the price dynamics of MYX demonstrate a transition from the accumulation phase, according to Wyckoff's theory, to the growth phase, which is usually followed by distribution and decline phases when selling pressure increases.
The price movement is unjustified (at least at this moment):
– We are reaching the maximum of the range of the parallel logarithmic channel
– Multiple liquidation clusters are forming below
– This was pure market manipulation...
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