How long will continue pump MDEX MDX price ?
Today we will consider the trading pair MDXUSDT
The price of Mdex has been steadily pumping for a week, and it is on the fall of the crypto market.
We do not know what this pump is connected with, if you know, please share the information in the comments.
This pump looks like a "feast during the plague", so we do not participate in it. Because the coin started its trading from around $3, then a sharp rise in price to $10, and then a stable and clear drop in the MDXUSDT price from $10 to $0.06 for a protracted 20 months, does not cause us much confidence.
Let's share our opinion based on what we see on the MdexUSDT chart:
1. The MDX price pump may continue if buyers can consolidate it above $0.125.
The first global target of the pump is the $0.20-0.30 range. It is very likely that it was in this zone, earlier, in February-April 2022, that buyers bought longs, because they thought that this was the "bottom" and then only growth. As a result, they received: six months of drawdown and the "second bottom" as a gift at 4 times cheaper price.
So now those who previously bought longs at $0.20-0.30 will be happy to sell them at break-even in this range and get out of a protracted unprofitable position, this is how human psychology works.
2. If buyers fail to fix the price above $0.125, then a scenario with the third bottom and the MDXUSD price below $0.05 is very likely.
_____________________
Did you like our analysis? Leave a comment, like, and follow to get more
The price of Mdex has been steadily pumping for a week, and it is on the fall of the crypto market.
We do not know what this pump is connected with, if you know, please share the information in the comments.
This pump looks like a "feast during the plague", so we do not participate in it. Because the coin started its trading from around $3, then a sharp rise in price to $10, and then a stable and clear drop in the MDXUSDT price from $10 to $0.06 for a protracted 20 months, does not cause us much confidence.
Let's share our opinion based on what we see on the MdexUSDT chart:
1. The MDX price pump may continue if buyers can consolidate it above $0.125.
The first global target of the pump is the $0.20-0.30 range. It is very likely that it was in this zone, earlier, in February-April 2022, that buyers bought longs, because they thought that this was the "bottom" and then only growth. As a result, they received: six months of drawdown and the "second bottom" as a gift at 4 times cheaper price.
So now those who previously bought longs at $0.20-0.30 will be happy to sell them at break-even in this range and get out of a protracted unprofitable position, this is how human psychology works.
2. If buyers fail to fix the price above $0.125, then a scenario with the third bottom and the MDXUSD price below $0.05 is very likely.
_____________________
Did you like our analysis? Leave a comment, like, and follow to get more
🎁 -20% on ALL trading fees OKX
okx.com/join/20PSTRADE
🔥V-I-P cutt.ly/PwkLhT56
👍Daily bitcoin reviews here💲 cutt.ly/3wnaaG4s
🔵Telegram t.me/pstrade_eng
okx.com/join/20PSTRADE
🔥V-I-P cutt.ly/PwkLhT56
👍Daily bitcoin reviews here💲 cutt.ly/3wnaaG4s
🔵Telegram t.me/pstrade_eng
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.