MYX surge 12% as Open Interest jump 28% — buyers don dominate and liquidity clear
MYX Finance (MYX) bounce back sharply, e gain 12% for past 24 hours after e drop under $1 for end of February. Traders read di derivatives data as new demand sign: Open Interest rise 28% to $11.2M, while buy-side exposure make up 82% of daily positioning.
Di latest report also show say liquidity dey hang above di current price area. For similar momentum reversals, price often move toward higher-liquidity zones to clear remaining liquidity clusters.
Overall, di setup remain bullish for MYX continuation if buying pressure hold. But near-term momentum fit pause or consolidate if traders take profits or momentum indicators fade.
Bullish
Open Interest jump 28% reach $11.2M plus 82% buy-side dominance dey show say na new or dey expand exposure dem do, no be say na fading bounce. This kind combination dey usually support continuation moves, especially when price suppose move go higher-liquidity zones to clear liquidity overhang.
But di report still talk say short-term cooling fit happen: momentum fit stall after fast reversal, wey fit cause consolidation before next leg. For traders, e mean bullish bias but make dem watch out for pullback risk and tightening ranges around key liquidity and momentum levels.