Mdex (MDX) Technical Analysis 2021 for Crypto Traders

Mdex (MDX) Technical Analysis 2021 for Crypto Traders

In Mdex (MDX) Technical Analysis 2021, we use past statistics, price analysis, RVOL, MA, and much other information about MDX to analyze the future trend of the cryptocurrency. 

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

MDEX is a decentralized automated market-making (AMM) exchange protocol based on the concept of fund pools. The platform also shares some similarities with traditional DEXs. However, by employing a dual-chain model based on both the Ethereum network and the Huobi Ecological Chain, it distinguishes itself from competitors (HECO). This allows it to benefit from both HECO’s super-low transaction fees and the Ethereum ecosystem’s deep liquidity.

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 (MDX) Current Market Status

According to CoinGecko, the MDX price is trading at $1.11 with a 24-hour trading volume of $45,812,964, at the time of writing. However, MDX has surged to 0.10% in the last 24 hours.

In addition, MDX has a circulating supply of 592,699,713 MDX coins. Currently, MDX trades in Binance, Tokocrypto, Huobi Global, CoinTiger, and BitWell.

Mdex (MDX) Technical Analysis 2021 

Mdex (MDX) holds the 104th position on CoinGecko right now. The recent development and upgrades might push MDX to reach new heights. Now, let’s deep dive into the MDX technical analysis 2021. The daily time frame chart of Mdex (MDX) is shown below.

MDX/USDT Descending Channel Trend Pattern (Source: Tradingview)

A descending channel is one type of charting pattern that technical analysts will use to analyse a security’s trend. A channel is formed by drawing trendlines along the support and resistance levels of a security’s price series. In general, channels can be used to determine the best levels of support and resistance to buy or sell securities.

Currently, MDX trades in a range of $1.11. If the price breaks the trend line support level of $1.05 then it will lead to a further drop up to the $0.98 Level. If the pattern continues to the top side, then it will reach the $1.73 level soon.

Mdex (MDX) RSI

The below chart shows the relative strength index (RSI) of MDX. 

MDX RSI (Source: TradingView)

As shown in the above chart, RSI remains at 34.26. This shows that MDX’s price is in a nearly oversold state. This shows that traders have to trade carefully, however, major price reversal could take place.

Mdex (MDX) RVOL

The below chart shows the Relative Volume of MDX. It is an indicator that indicates to traders how the current trading volume has changed over a period of time compared to the previous trading volume.

MDX RVOL(Source: TradingView)

Currently, the RVOL of MDX lies below the cutoff line which represents the weaker participants in the current trend.

Mdex (MDX) Moving Average

Mdex’s Moving Average (MA) is shown in the chart below. MA supports traders to find trends.

MDX MA (Source: TradingView)

Currently, MDX is in bearish state. However, MDX price touches 50 MA (short-term), and it has a high chance of moving above 50-MA level. Possibly, MDX can also move above 200 MA (long-term) soon.

Once it moves above 50 MA and 200 MA level, it completely goes to a bullish state. Moreover, there is a high possibility of Trend reversal at any time.

Mdex (MDX) Price Comparison With Bitcoin

The below chart shows the price comparison between MDX and BTC. 

MDX vs BTC Price Comparison chart(Source: TradingView)

From the chart, we can identify the trend of the BTC and MDX is moving at the same level as the trend. This indicates when the price of BTC increases or decreases, the price of MDX also increases or decreases respectively.

Conclusion

With the ongoing developments and upgrades that are taking place within the MDX platform. Mdex has a great future ahead in this crypto market. However, MDX can reach new heights.

Bullish MDX price prediction 2021 is $1.73. As mentioned above, it may reach great heights, however reaching $2.70 is also possible, if investors have decided that MDX 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, Tokocrypto, Huobi Global, CoinTiger, and BitWell. 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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