Price Analysis

Mdex (MDX) Technical Analysis 2021 for Crypto Traders

In Mdex Technical Analysis 2021, we use past statistics, price patterns, RSI, and much other information about MDX to analyze the future movement of the cryptocurrency. 

Mdex (MDX) is a new decentralized trading protocol that launched in January 2021, but which has already usurped Ethereum’s Uniswap and SushiSwap, BSC’s PancakeSwap and the 1inch exchange in popularity, flippening Uniswap as the 1st ranked DEX.

Mdex (MDX) Current Market Status

According to CoinGecko, the Mdex (MDX) price is trading at $2.22 with a 24-hour trading volume of $101,845,272, at the time of writing. However, Mdex has increased by 6.81% in the last 24 hours.

Moreover, Mdex has a circulating supply of 427,240,277.24 MDX. Currently, MDX trades in Binance, Huobi Global, Bibox, HitBTC, and Gate.io. 

MDEX is an automated market-making (AMM) decentralized exchange protocol that works on the concept of fund pools. The platform also contains some similarities with standard DEXs. However, differentiating itself from competitors by using a dual-chain model modeled on both the Ethereum network and the Huobi Ecological Chain (HECO). This enables it to benefit from both the super-low transaction fees of HECO and the deep liquidity of the Ethereum ecosystem.

Mdex Technical Analysis 2021 

The recent development and upgrades might push Mdex (MDX) to reach new heights. Now, let’s deep dive into the Mdex technical analysis 2021. 

Mdex holds the 80th position on CoinGecko right now. The monthly time frame chart of Mdex (MDX) is shown below.

MDX/USDT Price Chart Showing Three Rising Valley Pattern
MDX/USDT Price Chart Showing Three Rising Valley Pattern (Source: TradingView)

The above chart shows the three rising valley patterns of MDX. Usually, this is preceded by an uptrend. But this can be followed by a downtrend as well. More so, the pattern itself suggests a break further to the upside level. However, this pattern took more than 5 days to form.

Mdex (MDX) RSI, MACD, and MA

The below chart shows the Moving Average Convergence/Divergence (MACD) of Mdex. Notably, the MACD (blue) continues to stay just above the signal indicator (orange line).  This means that cryptocurrency traders can still expect more bearish days ahead. 

In contrast, if the MACD begins to move above the signal indicator and performs a bullish crossover. Then the crypto has a high possibility of reaching new highs.

Mdex RSI and MACD
Mdex RSI and MACD (Source: TradingView)

Now let’s look at the relative strength index (RSI) of Mdex. As shown in the chart above, the RSI remains at level 58.35. This shows that Mdex’s price is in neither oversold nor overbought state. However, this gives confidence for the traders to trade without any fear.

Mdex’s Moving Average (MA) and Exponential Moving Average (EMA) is shown in the chart below. Moreover, MA is a part of technical analysis that helps traders to recognize trends. While EMA is a type of moving average.

Mdex 30-day SMA and 50-day EMA
Mdex 30-day SMA and 50-day EMA (Source: TradingView)

From the beginning of 2021, it is clear that the Mdex price has shown many bullish patterns. Furthermore, taking all these into account, Mdex could have a competitive market in 2021.

Conclusion

With the ongoing developments and upgrades that are taking place within the Mdex platform. The cryptocurrency Mdex has a fantastic future ahead in this crypto market. However, it is possible to see  Mdex reaching new heights.

Bullish Mdex price prediction 2021 is $5. As said above, it may reach great heights, however reaching $10 if investors have decided that Mdex is a good investment in 2021.

FAQ

What is Mdex?

Mdex is an automated market making (AMM) decentralized exchange protocol that works on the concept of fund poos, sharing some similarities with standard DEXs.

Where can you purchase Mdex?

Mdex is listed on many crypto exchanges that include Binance, Huobi Global, Bibox, HitBTC, and Gate.io. In which the crypto is available to be traded against fiat currencies, stablecoins, and other cryptos.

Will Mdex reach a new ATH soon?

With the ongoing developments and upgrades within the Mdex platform, it has the high possibility of reaching its ATH soon.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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The News Crypto Staff

The News Crypto is a group of crypto journalists writing about the latest happenings in the crypto and blockchain industry.

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