MYX Finance (MYX) Is 45% Up: New All-Time High on the Way?
MYX Finance (MYX), the native token of the decentralized derivatives platform with the same name, recorded an impressive rally to lead the gainers’ list over the past 24 hours.
MYX is up 45% over the past day and is trading at $16.14 at the time of writing. Its market cap surpassed the $3 billion mark again, making MYX the 42nd-largest cryptocurrency.
The price surge comes as MYX sees strong interest from traders. Data shows that the asset’s daily trading volume skyrocketed by 153%, reaching a whopping $400 million.
It’s important to note that the company strongly denied the allegations of manipulating the MYX token airdrop, Coinspeaker reported on Sept. 10. This could have also strengthened the sentiment around the derivatives platform.
Despite the notable growth, data from Trading View shows that MYX is still in good condition to reach a new all-time high. The token’s Relative Strength Index is currently sitting at 71, showing strong demand from investors.
MYX 4H price and RSI charts on Sept. 17 | Source: TradingView
If MYX’s RSI surpasses the 80 mark, it would suggest overbought conditions, which usually end up with a price correction due to short-term profit-taking.
What’s Driving the Crypto Mark?
While MYX Finance witnessed a massive growth of over 950% over the past month, the broader cryptocurrency market has also been seeing inflows.
According to CoinMarketCap data, the global crypto market value surpassed $4 trillion again, with a 1% gain over the past 24 hours.
Bitcoin BTC $116 812 24h volatility: 1.1% Market cap: $2.33 T Vol. 24h: $42.68 B is back above $117,000 after struggling for over three weeks.
The positive sentiment comes with the expectations of a rate cut by the US Federal Reserve, which will likely boost the economy and allow investors to borrow at lower rates. This can fuel volatile assets like Bitcoin and altcoins.
The Fed started its two-day September meeting on Sept. 16.
The summaries of the meetings are usually released three weeks after the event.
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