MYX Finance rose more than 200% in just one day, as trading volumes hit $64 million.
Summary
- MYX Finance rose more than 200% amid speculative trading
- Trading volume rose to $64.76M, and its market cap to $43.22M
- Still, the rally is showing signs of fragility
Despite relatively modest performance by major crypto assets today, smaller altcoins can still show major gains. On Monday, August 4, MYX Finance (MYX), a decentralized exchange token, reached an all-time high of $0.3664, after rising more than 200% in a single day. Thanks to the rally, the token’s market cap reached an ATH of $49 million.
The rally came despite no recent updates from the protocol and no major listing news. Instead, it appears that it was driven by speculative investment that fed itself. Buying pressure made a significant impact on the token’s price due to its low market cap.
Can the MYX rally hold?
MYX technicals show a mixed picture between buy and overbought territory. The token’s relative strength index rose to 85.821 points, signalling that the token may be overbought. The same goes for Williams %R at -21.257 and the Ultimate Oscillator at 70.25, all of which point ot strong momentum but suggest risks of a pullback.
Still, MYX crypto’s long-term performance will likely depend on its fundamentals as a utility token for its exchange. According to MEXC, MYX Finance was the fastest-growing derivatives protocol in 2024, with some viewing it as the main competitor to Hyperliquid (HYPE).
MYX Finance is a decentralized perpetual derivatives exchange, backed by Sequoia China, HashKey Capital, and ConsenSys. The platform operates across multiple exchanges, including Linea, BNB Chain, Arbitrum, and opBNB.
Some of its features include enabling up to 50× leverage, and the platform advertises zero slippage, thanks to its matching pool mechanism. At the same time, the platform enables users to retain custody over their funds.
