MYX (MYXFinance) 24-hour amplitude reaches 200.2%: Trading volume surges 4.7 times and new high in Binance Futures positions drive extreme volatility

Volatility Briefing

In the past 24 hours, MYX price surged from a low of $0.2067 to a high of $0.6206, currently reported at $0.3532, with a price swing reaching 200.2%. Trading volume expanded significantly, with some platforms showing spot trading volume exceeding $20 million and futures trading volume reaching as high as $356 million. Binance futures open interest hit a recent high.

Summary of Reasons for the Fluctuation

- Surge in trading volume: Trading volume skyrocketed 4.7 times within 24 hours, driving the price to rally rapidly from the bottom.

- New high in Binance futures open interest: Open interest surged along with a price increase of 68.9%-117.56%, reaching as high as $0.49, with leverage trading amplifying the volatility.

Market Views and Outlook

The prevailing sentiment in the community is cautious, with traders focusing on short-term pullback risks. It is advised to monitor the support zone of $0.2162-$0.2207. If there is a strong rebound, consider going long; otherwise, be cautious of a breakdown below $0.2108 turning the outlook bearish. After short positions from bulls were liquidated, current high open interest could trigger further adjustment.