How Long Will MYX Continue to Increase? | Credit: Hameem Sarwar
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Key Takeaways
MYX Finance (MYX) reached a new all-time high price today.
The MYX price has increased by 1,200% in the past two days.
How much longer can MYX keep up its bullish momentum?
Myx Finance (MYX) surged back into the spotlight today after an explosive 1,200% rally pushed the token to a new all-time high.
The timing of the surge coincided with positive news: MYX Finance announced its listing on WLFI on Sept. 5, just two days before the rally began.
Momentum has been backed by strong weekly metrics, with trading volume hitting $2.23 billion across more than 5,500 transactions.
The sharp move has put MYX firmly back on traders’ radar after weeks of relative quiet. But with the price now at record levels, the question is whether the token can sustain this momentum—or if a correction is looming.
MYX All-Time High
MYX has staged a stunning comeback, notching a new all-time high of $3.83 after a three-day surge of more than 1,300%. The rally caps a remarkable reversal for the token.
After falling to an all-time low of $0.046 on June 19, MYX began a gradual recovery that accelerated in early August when it broke out of a descending resistance trend line.
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That breakout triggered a parabolic 2,200% climb, carrying the token to $2.49 on Aug. 8. But the move was short-lived—MYX slipped back in the following weeks, tumbling out of the top 200 cryptocurrencies as trader interest faded.
Now, the latest surge has put MYX back on the map. Over the past three days, the token has rocketed to fresh highs, drawing renewed attention from crypto traders eager to see whether the momentum can be sustained.
Interestingly, there are no signs of weakness yet. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are increasing, and neither has created a bearish divergence.
Bearish divergences often lead to trend reversals, as was the case during the early August all-time high (orange).
This time around, the lack of bearish divergences suggests the upward trend could continue.
Myx Finance has already crossed the 4.61 external Fibonacci retracement of the drop at $8.24.
So, there is no more resistance, and the price is just parabolically increasing into open space.
Why is MYX Going Up?
Besides the WLFI listing, no other news has triggered the rapid price increase.
Nevertheless, the crypto community is unhappy and is scolding Binance for not doing its due diligence on what it lists on its perpetuals platform.
VIKTOR believes the price movement is textbook market manipulation, and a massive short squeeze is going on.
The Wolf of Altcoins is one of the large accounts caught on the wrong side of the short squeeze. After dollar cost averaging during the ascent, he is now at a loss with a brief entry at $3.03.
This is not the case with CoinWings, which is tracking whale activity and has not discovered any large-scale selling, which is a prerequisite for figuring out when to go short.
Interestingly, social mentions for MYX have not skyrocketed alongside the price, which often happens in such rapid upward movements for small cryptocurrencies.
There is a notable uptick in Key Opinion Leader (KOL) mentions, but the volume of regular mentions is at the same level as last week, before the MYX price nearly tripled.
Accounts based in Asia dominate the chatter around MYX and SOMI, claiming that the pump is not isolated but happening on Binance Alpha.
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Upbit, the largest South Korean exchange, has not posted about Myx Finance yet.
In the past few weeks, listings on Upbit have triggered massive pumps in low-cap cryptocurrencies.
If that were to happen, the Myx Finance price could go on a parabolic run once again.
Final Thoughts
In conclusion, MYX Finance’s explosive rally to new all-time highs has been fueled by the WLFI listing and an apparent short squeeze, and technical indicators have not yet shown clear signs of weakness.
While skepticism remains about potential market manipulation, the lack of major whale selling and steady social activity suggests the rally still has legs.
If MYX secures a major exchange listing like Upbit, its bullish momentum could accelerate even further.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
