MYX shows conviction-led buying; $7.50 resistance in focus
MYX Finance (MYX) has seen a shift toward conviction-led buying after bulls absorbed overhead supply, pushing price to $6.38 on Jan 24 and holding above the 7- and 30-day SMAs. Short-term structure improved as bears failed to trigger deeper pullbacks, encouraging dip buyers. RSI sits near 60, indicating strength without overextension, while price respected the 23.6% Fibonacci level at $6.19 as support. Perpetual (perp) volume surged from the prior $250–300M range into the $550–600M area, signaling broader capital rotation into perp DEXs and stronger trader engagement rather than thin, speculative spikes. The protocol’s v2 upgrade is cited as a structural catalyst improving execution, spreads and liquidity depth. Key technical levels: immediate support $4.80–$5.00; near-term support converted at $6.19; resistance band at $7.20–$7.50 — reclaiming $7.50 on sustained higher lows and strong volume would open a higher trading range. For traders: rising volume on bullish candles and improved market structure favor trend-following setups, but $7.50 remains the critical barrier for extending momentum.
Bullish
The article points to conviction-led buying confirmed by rising volume, higher lows, and price holding above short-term SMAs — classic bullish technical signals. A doubling of perp volume from ~$250–300M to ~$550–600M suggests real capital rotation into perpetual DEXs and deeper liquidity, reinforced by a v2 protocol upgrade improving execution and spreads. Historically, sustained volume expansion on impulsive bullish candles combined with improved protocol mechanics tends to support trend continuation rather than short-lived spikes (similar patterns were seen in other perp DEX token rallies after liquidity-enhancing upgrades). Short-term implications: higher probability of continued upside toward the $7.20–$7.50 band if volume and higher-low structure persist; traders can favor trend-following entries with tight risk management under $6.19. Long-term implications: if elevated perp activity and improved execution remain, protocol fee generation and token relevance may strengthen, supporting a higher valuation baseline. Key risk: failure to close decisively above $7.50 or a sharp decline in perp volume could trigger pullbacks toward $4.80–$5.00 support.