Mdex Price Prediction 2021 – Will MDX Hit $5 Soon?

Mdex Price Prediction 2021 - Will MDX Hit $5 Soon?
  • Bullish MDX price prediction ranges from $2.09 to 2.7.
  • MDX price might also reach $5 soon.
  • MDX bearish market price prediction for 2021 is $2.66.

In Mdex (MDX) price prediction 2021, we use statistics, price analysis, RSI, and much other information about MDX to analyze the future movement of the cryptocurrency. 

Mdex (MDX) is an automated market making (AMM) decentralized exchange protocol based on the concept of fund pools. It is similar in function to some DEX in the market, but on this basis, it provides and implements a dual-chain DEX model based on the Huobi Eco-Chain and Ethereum. It combines the low transaction fees of the Huobi Eco Chain and the advantages of the booming Ethereum ecosystem, and supports dual liquidity and transaction mining.

According to CoinGecko, the Mdex price is trading at $2.06 with a 24-hour trading volume of $119,022,535, at the time of writing. However, MDX has decreased by 0.5% in the last 24 hours.

In addition, MDX has a circulating supply of 488,174,476 MDX. Currently, MDX trades in cryptocurrency exchanges such as Binance, Huobi Global, HitBTC, Gate.io, and Hoo.

Mdex (MDX) Price Prediction 2021

Mdex (MDX) holds the 79th position on CoinGecko right now. MDX price prediction 2021 explained below with a daily time frame.. 

MDX/USDT Price Chart Daily Time Frame (Source: TradingView)

The above chart forms the two patterns of MDX. Initially, MDX is trading at the pattern of Higher High and Higher Low. This pattern represents an upward trend, and the value of tokens usually increases. As shown in the figure above, MDX changed from a bearish to bullish trend at the beginning of this period. This is the result of a large number of tradings that occurred during this period.

The Higher High and Higher Low trend reached the price of $2.66 after that the prices of MDX made a reversal at the bearish side and formed another trend pattern which is Lower High and Lower Low. At the time, the price of MDX was in a bearish state up to the range of $1.8 which is mentioned in the chart as “Selling Climax Zone”. 

After reaching that zone, the price of MDX stops the falling and then forms the “Consolidation Phase” in which tokens have traded in a certain range ($1.9 – $2.07). Currently, the price of MDX is traded in the range of $2.01. Once the price of MDX breaks $2.01, it will reach the target of $2.66.

MDX Support and Resistance Level

The below chart shows the support and resistance level of MDX.

MDX/USDT Support and Resistance Level (Source: TradingView)

From the above daily time frame, it is clear the following are the resistance and support level of MDX.

  • Resistance Level 1 – $2.09
  • Resistance Level 2 – $2.25
  • Resistance Level 3 – $2.41
  • Resistance Level 4 – $2.55
  • Support Level 1 – $1.92
  • Support Level 2 – $1.82

All-in-all, from the charts above it is clear that MDX’s bearish trend continues and it is possible to turnover and reach great heights. Moreover, the charts show that MDX has performed a bullish trend over the past month. If this trend continues, MDX might run along with the bulls overtaking its resistance level at $2.55.

Conversely, if the investors turn against the crypto, the price of MDX might plummet to almost $1.82, a bearish signal.

Mdex (MDX) Average Directional Index (ADX)

Now let’s look at the average directional index (ADX) of MDX. Generally, ADX helps traders to determine the strength of a trend. It can be used to determine if the market is changing or if a new trend is starting. It is related to the Directional Movement Index (DMI).

In addition, the range of the oscillator is from 0 to 100. A high range indicates a strong trend, and a low value represents a weak trend. It is often combined with directional indicators. 

MDX/USDT ADX(Source: TradingView)

The above chart shows the ADX of MDX stays at the range of 31, so it indicates a strong trend that is on the bull side.

Conclusion

MDX is a cryptocurrency that can maintain flexibility in the face of a bear market. Furthermore, our long-term MDX price prediction for 2021 is bullish. It has a huge possibility of overtaking its current all-time-high (ATH) of $10.11 this year. However, this only happens when MDX breaks a lot of past psychological resistance.

Furthermore, with the ongoing developments and upgrades within the MDX ecosystem, it could experience a great future ahead in 2021. It may reach $5 soon and it might even reach high heights, however reaching $10.5, if investors have planned that MDX is a good investment in 2021.

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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.

Monisha is a Senior Programmer in the Automotive Embedded domain. Her interest in the cryptocurrency field made her write about crypto and blockchain-related news.