Recent MYX Finance [MYX] momentum has shifted focus toward a potential breakout zone. MYX swept liquidity within the $4.58–$4.63 zone, triggering a sharp rebound as bids reacted at the range floor.
Price then advanced, yet repeated rejection near $6.20–$6.40 capped upside, sustaining consolidation. Each pullback held above $4.63, signaling firm spot demand and persistent order-book support.
Wicks in the sweep zone suggested absorption rather than panic selling.
Source: TradingView
As price rotated between support and supply, structure remained range-bound, not trend-decisive. Liquidation clusters around the lows appeared partially cleared, reducing immediate downside fuel.
Still, failure to reclaim $6.40 kept momentum contained, leaving accumulation versus reactive dip-buying unresolved within the current range.
THIS overhead supply restrains breakout structure
MYX advanced into the $6.20–$6.40 resistance band multiple times, yet each attempt met firm sell-side pressure. Price printed sharp upper wicks near $6.30, reflecting active distribution rather than sustained acceptance.
As rallies stalled, pullbacks rotated price toward the $5.16 pivot, preserving range structure instead of breakout continuation. Volume expanded during rejection phases, signaling sellers absorbed upside liquidity rather than exhausting supply.
Meanwhile, MACD momentum began flattening after earlier expansion.
Source: TradingView
Histogram bars compressed toward neutral, indicating slowing upside strength. This alignment suggested momentum cooled as supply dominated overhead.
Sell-side absorption remained limited, with supply refilling on each resistance test. For bullish continuation, the price required decisive, high-volume acceptance above $6.40.
Until then, the persistent supply overhang continued suppressing upside extension and kept MYX locked within a capped trading range.
Decoding MYX’s structural liquidity formation
MYX Finance’s Perpetual Volume grew rapidly from very low levels into a steady $250 million to $300 million daily base, signaling strong derivatives adoption.
Spikes near $450 million to $500 million appeared at intervals, reflecting short bursts of speculative positioning rather than purely organic flow.
Source: DeFiLlama
After this expansion, volume stabilized instead of falling, indicating sustained platform usage.
Wider market data supported this trend. Total Perp Volume reached $70.45 billion in 24 hours, at press time, while 30-day activity exceeded $1.06 trillion, alongside $13.1 billion in Open Interest.
Source: DeFiLlama
This alignment pointed to broader derivatives market growth, not isolated platform activity.
However, stabilization within the mid-range suggested balanced two-way trading rather than strong directional conviction.
Sustained turnover reflected regular usage, while periodic spikes highlighted tactical leverage deployment within an expanding liquidity environment.
Final Thoughts
- A break above $6.40 will determine whether the liquidity sweep evolves into a sustained bullish expansion.
- Sustained perp volume strength positions MYX for volatility expansion once directional conviction returns.
