MYX Finance Plummets 33%… But TVL Hits $27.6M? What’s Going On? 🤔

Key Takeaways

What signals a potential rebound for MYX despite its recent drop?

Rising TVL, record protocol revenue, and a positive funding rate suggest bullish momentum may be building. Because nothing says “I’m fine” like a 33% drop and a $27.6M TVL party. 🎉

What key level must MYX hold to avoid further downside?

MYX must defend the $2.3 support zone to prevent increased bearish control and deeper price declines. Spoiler: The bears are already drafting their victory speeches. 🐻

MYX Finance [MYX] has seen a major outflow in the past day, losing about 33%, at press time, amid a broader market backdrop where it rallied over 395% in the past month. Like a rollercoaster that forgot to tell you it’s upside down. 🎢

AMBCrypto analysis shows that the fall was driven by a steep decline in market funding rates, which dropped significantly to a negative 0.0033%. Short traders are now paying more in funding fees. Because why not turn trading into a coffee addiction? ☕

This suggests that short traders are now paying more in funding fees, highlighting a shift in sentiment across the derivatives market. The bulls are whispering, “Not today,” while the shorts are whispering, “We’re doomed.”

Despite this drop, there are early signs of positive momentum building on the protocol that could eventually trigger renewed growth in MYX’s price. Or, as the market says, “Let’s pretend this isn’t a dumpster fire.” 🔥

Protocol growth still in place

The recent market drawdown has not reflected the on-chain activity or performance of the protocol. In fact, MYX’s underlying health remains surprisingly bullish, as investors continue to maintain a long-term positive outlook on the token’s price. Because optimism is a superpower, apparently. 🦸

The Total Value Locked (TVL), which measures protocol growth, has continued to increase, hitting an all-time high of $27.6 million, according to the latest data from DeFiLlama. That’s like a buffet where everyone’s bringing cake. 🎂

Notably, both fee generation and revenue from the protocol have moved in tandem, confirming active user participation and transaction growth on-chain. Or, as the kids say, “It’s a vibe.” 🧘

Revenue and fees generated in the past day also reached their all-time highs since the protocol’s launch earlier this year-coming in at $6,700 and $567, respectively. For context, that’s about what you’d pay to replace your cat after it eats your TVL report. 🐾

Growth amid negative outlook

Despite the recent drop, the outlook in the derivatives market suggests that bulls are slowly recovering and may soon make a full return. If “recovery” means “pretending to be okay while secretly crying.” 😢

According to CoinGlass data, the Open Interest (OI) Weighted Funding Rate has turned slightly positive on the chart, with a press time reading of 0.0111%, a notably higher figure that points to renewed bullish interest. Bulls: “We’re back.” Shorts: “This is a trap.”

This indicates that although short traders are still paying funding fees, the market now holds a greater volume of long positions. In this case, it suggests that bullish traders could soon regain dominance, potentially forcing short sellers into liquidation as the market shifts in their favor. It’s like a game of musical chairs, but the chairs are made of bear traps. 🪑

This development adds to the growing signs of bullish activity in the derivatives market, signaling that a short-term price rebound could be on the horizon. Or, as the market says, “Let’s try to forget the last 24 hours.” 🧼

What does the chart say?

Chart analysis presents a mixed outlook. MYX appears likely to slide toward a key support zone marked by the Fibonacci retracement line. Think of it as a seesaw for your wallet. ⚖️

If bears push MYX down to the $2.3 level, it may encounter buy-side demand from pending orders. However, liquidity strength in this region remains uncertain. It’s like asking a cat if it’s hungry-no one really knows. 🐱

Failure to hold this level could give bears greater control, leading to more downward pressure and limited near-term gains. In short: brace for impact. 🛑

2025-10-05 06:16