MYX Finance gains momentum as bulls defend critical support levels
MYX Finance has witnessed a steady rise in trader confidence over recent weeks. The price action around the $7.20–$7.50 resistance zone indicates growing strength rather than fading momentum. Bullish activity has kept the token above key support levels, while trading volume surged to new highs.
The token’s price held firm beneath the $7.20–$7.50 supply zone, compressing in a way that suggests accumulation rather than weakness. Bulls successfully defended higher lows along an ascending trendline, preventing deeper pullbacks. This resilience encouraged dip buyers, reinforcing upward pressure.
The Relative Strength Index (RSI) stayed near 60, signaling strength without overextension. Traders remained confident as the metric avoided overbought conditions. Meanwhile, the price respected the 23.6% Fibonacci retracement at $6.19, turning it into near-term support. A notable shift in trader behavior emerged as MYX’s perpetual volume spiked toward $550–600 million. This surge reflects genuine engagement rather than speculative bursts, driven by broad capital rotation into perpetual decentralized exchanges (DEXs). The increased volume underscores MYX’s growing relevance and long-term adoption prospects. The v2 upgrade played a key role in this trend, improving execution and liquidity efficiency. Instead of chasing short-term hype, traders scaled positions more strategically. By January 24, bulls had absorbed overhead supply, pushing the price to $6.38 and maintaining levels above critical moving averages. For bulls to reclaim $7.50, the price must continue forming higher lows and close into the resistance band with strong volume. Traders increasingly favored trend-following setups, focusing on breaking the $7.20–$7.50 zone to extend price discovery.
MYX Finance’s recent activity highlights a decisive change in market behavior. The combination of rising volume, technical support, and protocol upgrades has strengthened its position. Without clear signals from bears, the next move depends on whether bulls can sustain momentum above key resistance levels.
