Headline: MYX Finance Breaks Key $3.5 Supply Zone — Hits $3.90 After Short Squeeze, But Risks Remain
MYX Finance (MYX) surged after breaching a major supply zone around $3.50, delivering an 8% gain in the past 24 hours and spiking to a local high of $3.90 on Monday, 15 December. Traders and analysts point to a short-term breakout past the psychologically important $3 level — a move that flipped the chart structure and ignited buying.
What drove the move
- Technical breakout: AMBCrypto’s recent report highlighted MYX escaping a descending channel. The breakout, alongside elevated trading volume, pushed a short-term price target of $3.45 — a level that was cleared and then extended.
- Volume confirmation: High trading volume across the last five days supports the legitimacy of the breakout rather than a low-confidence pop.
- Momentum signs: On-chain and chart indicators have begun to align — on-balance volume (OBV) is creeping higher, the short-term structure reads bullish on the daily (D1) timeframe, and moving averages show a shift in momentum.
Derivatives and risk signals
- Open Interest and funding: Despite spot-volume strength, derivatives data paint a more cautious picture. Open Interest fell steadily over the past four days, and funding rates turned deeply negative in the last 36 hours — signals consistent with traders closing longs and the market favoring shorts.
- Short squeeze dynamics: CoinGlass data shows a 24-hour long/short ratio near 0.96, suggesting the late rally may have been fueled by a short squeeze designed to hunt short positions. Short squeezes can reverse quickly, so volatility remains a real risk.
Key levels to watch
- Support now to hold: $3.45 — the breakout level that could act as immediate support.
- Short-term demand zone: $3.33–$3.52.
- Bullish invalidation: A drop below $3.26 would negate the short-term bullish setup.
- Next upside target/resistance: ~$4.20, which remains the next meaningful hurdle.
Bottom line
The breakout past $3.45 after surmounting the $3.20–$3.45 supply area marks a constructive short-term shift for MYX, and the surge to $3.90 demonstrates clear buying pressure. However, falling Open Interest, negative funding rates, and stretched derivative positioning suggest the move may include a sizable short-squeeze component and could be vulnerable to a rapid pullback. Traders should watch the $3.45 support and the $3.26 invalidation level closely.
Disclaimer: This summary is informational and not financial, investment, or trading advice. Cryptocurrency trading is high-risk; do your own research before making decisions. Sources cited: AMBCrypto, TradingView, Coinalyze, CoinGlass. © 2025 AMBCrypto
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