MYX (MYX Finance) rose 20.32% in 24 hours

Gate News Bot message, on December 22, according to CoinMarketCap, as of the time of writing, MYX (MYX Finance) is currently priced at 3.49 USD, with a 20.32% rise in the last 24 hours, reaching a high of 3.84 USD and a low of 2.78 USD. The 24-hour volume has reached 37.4 million USD. The current market capitalization is approximately 878 million USD, with a rise of 148 million USD compared to yesterday.

MYX is a scalable decentralized derivatives trading protocol that supports various decentralized financial services such as perpetual contract trading, cross-chain asset swaps, and copy trading, operating on multiple blockchains including ARB, LINEA, and OPBNB. MYX does not provide asset custody services; all user assets are managed independently by users in non-custodial wallets. Currently, the MYX airdrop has launched, and users can claim the $MYX reward to participate in the next generation of on-chain derivatives revolution.

Important News about MYX Recently:

1️⃣ Technical breakthroughs drive short-term bullish momentum MYX has broken through the descending channel in the past few days, with the price briefly surpassing the key psychological level of $3, reaching a maximum of $3.9, indicating strong momentum from the short squeeze. The recorded high of $3.50 on December 15 to the current new high of $3.84 validates the effectiveness of the rising trend. The high trading volume over the past five days confirms the authenticity of this breakthrough, and in the short term, $3.45 has transformed from previous resistance into a key support level.

2️⃣ Derivatives Market Sentiment Shift and Risk Warning During this round of pump, the derivatives market has released defensive signals. Open interest has shown a declining trend in the short term, with over $3 million flowing out of the derivatives market, and the open interest scale has decreased to $21.27 million. The funding rate has recently turned significantly negative to -0.014%, indicating that bearish forces still dominate, and some traders are closing positions or shorting. This phenomenon suggests that there is a component of short squeeze in the current rise, and the possibility of a rapid correction in the short term should not be ignored.

3️⃣ The fundamentals of the protocol continue to be under pressure, limiting long-term prospects As a derivatives DEX token, MYX faces deep-seated issues with the health of the protocol. TVL has decreased by approximately $1.16 million in just 8 days, falling to around $22.64 million. Even more severe is the protocol's revenue, which has plummeted from a peak of about $16,685 in October to the current $105, a drop of over 99%, marking a historic low. This cliff-like drop in revenue directly reflects a significant decline in trading activity, closely related to the clear shrinkage in protocol usage, indicating insufficient ecological demand momentum, which may put pressure on mid-term prices.

Although the current price is performing strongly, investors need to be wary of the risk of whether the recent rise can be sustained, considering the defensive signals from the derivatives market and the underlying concerns in the fundamentals. The key support level in the range of $3.26 to $3.45 is crucial for determining the subsequent trend direction.

This message does not constitute investment advice; investors should be aware of the risks of market volatility.