MDX Technical Analysis – August 2021
Daily Analysis
MDX trend was reversed after reaching $1.71 on August 25, which marked a 35% increase in less than seven days. Currently, MDX is trading at $1.41, and this bearish run might continue if the recent correction is stopped at the projected resistance.
Intraday Thoughts
The price of MDX has been relatively stable in the intraday chart, but drastic price changes have been present as well, especially in a shorter time frame.
Key Structures for Mdex
Support
- $1.36, $1.26, $1.05
Resistance
- $1,48, $1.54, $1.72.
Indicators
Moving Average
The 20-day moving average is now above the price due to the recent price decline, so it might act as resistance in the coming days. In a 4-hour chart, the 20-MA coincides with the price, so the upcoming price movement might be crucial in determining whether MDX can reverse or if the downtrend might continue.
Relative Strength Index
The Relative Strength Index (RSI) of a daily chart is currently at 45, meaning that the RSI is fairly average at the moment. This indicates that MDX has the potential to go both ways. The recent price correction has shown a little increase in the RSI, but if MDX continues to decline, it might as well go below 30 and be considered oversold.
MACD
Signs of optimism can be found when looking at the MACD indicator. The MACD line is now slowly moving above the signal line, which may indicate a shift in momentum. If MACD manages to get above the baseline, then we might see a reversal for MDX in the coming days.
Fibonacci
When looking at the Fibonacci retracement of the recent downtrend, we can see that MDX is yet to test resistance levels at 38.2%. If MDX breaks this level of resistance in the following days, then the 50% level might act as resistance as well.
Potential Double Top
In an hourly chart, we can see that MDX has recently found resistance at $1.48 The recent price correction suggests that MDX can aim to retest that level. If it fails to surpass it again, then a potential double top might emerge, and MDX might maintain its bearish nature in the coming weeks.
Price Prediction Mdex – August 2021
While indicators suggest that MDX has room for growth and the trend can reverse, the MDX descending channel is yet to be penetrated. If MDX finds support at $1.48, then we might see MDX drop to $1.26 in the coming days. However, if resistance is broken and a double top is not formed, then MDX might increase and an uptrend might begin, where MDX can aim for $1.54.
Latest News for Mdex – Affecting Price
Mdex has recently allocated $10 million for ecological solutions under the hunter program. Such actions can further increase the Mdex community and consequently increase its price. Furthermore, Mdex has announced that it has engaged in a joint mining activity with NEXTYPE. This can drive the demand for MDX upwards.
For more information on Mdex (MDX) as a project, check out this article:
Mdex Price Prediction 2021 and Beyond – Is MDX a Good Investment?