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Mdex is the decentralized exchange platform based on Heco, the Huobi exchange blockchain. It is strategically positioned as the optimal choice for eco-token transactions and the largest DeFi ecosystem with trio features, DEX, IMO, and DAO integration. It also allows a dual mining mechanism of liquidity and transactions for users. Besides, the Index ensures a secured transaction and guaranteed liquidity process. It aims to create cross-chain compatibility between leading chains to create a composite DEX ecosystem.
Let us look at the technical analysis of MDX.
Past Performance
On the 29th of July, the trade opened at $1.16, and on the 6th of Aug, the trade closed at $1.27. During this week, MDX increased by approximately 9.48%. In the last 24 hours, MDX traded between $1.20-$1.36.
https://www.tradingview.com/x/xt2Omn0i/
MDX Technical Analysis
Currently, the RSI indicator is at 35%. It has faced rejection from the 39% mark, and currently, is taking constant support. Thus, buying pressures are slowly mounting. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal.
On the 4-hour chart, MACD and EMA are below zero range suggesting that the market for MDX is falling. However, a bullish crossover by the signal line over the MACD line has occurred. Thus, the overall market momentum can be seen turning bullish for MDX.
Also, on the daily chart, the EMA is above MACD indicating the selling pressures are much higher than buying pressure on this horizon.
Day-Ahead and Tomorrow
Currently, the price is below the second Fibonacci pivot point of $1.35. If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $1.28, $1.23, and $1.20, respectively.
In the last 24 hours, the price has risen by 10.35%, although the indicators strongly suggest a bearish trend, the price may soon start falling. The bearish trend could be for tomorrow as well.