MYX Finance Price Soars 60% But Full Recovery Seems Unlikely

MYX Finance has recorded an impressive 62% growth, marking a return of demand for this altcoin after a period of heavy losses. However, this notable breakout is only a small part of the overall picture.

Although recent trading sessions have shown a strong upward trend, MYX still has a long way to go to fully recover the significant losses accumulated in February and early March.

Contradictory signals from MYX investors

The Money Flow Index (MFI) indicates a clear change in market conditions in recent days. Selling pressure has decreased sharply, giving way to buying activity. This reversal in the MFI is a clear sign that new capital is flowing into the MYX market with considerable confidence from investors.

The appeal of MYX comes from its prominence in the market and its current deeply discounted price, leading many investors to expect a recovery and potential profits. This has driven a strong accumulation wave at low price levels.

However, this speculative investment behavior remains more driven by psychology than solid fundamentals. Therefore, sustaining the upward momentum will heavily depend on maintaining positive momentum in the coming period.

MYX MFI Indicator | Source: TradingView Data from liquidation maps show that trader sentiment remains divided. Currently, MYX faces $1.43 million in short liquidation value compared to $1.40 million in long positions. This near-perfect balance reflects hesitation and inconsistent expectations among traders in the derivatives market regarding MYX’s next move.

MYX Finance Liquidation Map | Source: Coinglass Although there is a slight tilt toward short liquidations, indicating bears hold a slight advantage, the almost perfect balance between the two sides means any significant trend reversal could trigger substantial cascading liquidations. This increases volatility risks for MYX’s already unpredictable price structure.

MYX on the path to price recovery

In recent trading sessions, MYX surged 62%, reaching a peak of $0.515 before stabilizing at $0.402. Despite this impressive increase, the recovery is only the beginning, as MYX still has a long way to go to make up the 95% loss recorded in February and early March. To achieve full recovery, this altcoin needs to sustain strong and stable growth over a longer period.

Currently, MYX is approaching a key resistance level at $0.405. If this level can be turned into support, it would be a significant first step in the recovery journey. Maintaining an upward trend above this level could open the door for MYX to reach the $0.606 mark—a crucial resistance level and a confirmation signal of a sustainable growth trend.

MYX Price Analysis | Source: TradingView Conversely, if downward momentum reemerges, MYX could sharply decline back to the support level at $0.276. This would prolong the consolidation phase within a narrow price range, which has persisted since the beginning of the month.

Conclusion

Although MYX’s recent growth is a positive sign, it is not enough to completely change the overall picture. With investor sentiment divided and potential risks of price volatility, MYX’s recovery journey still faces many challenges. However, if supporting factors are maintained and growth momentum continues, MYX could reach important milestones in the future.