MDX price staged a strong recovery this week as investors bought the dip. The coin jumped to a high of $0.12, its highest point since November 7. At its peak, MDEX was up by more than 80% from its lowest level this month.
What is MDEX and why is it rising?
MDEX is a small but fast-growing platform in the decentralized finance (DeFi) industry. It aims to provide a platform where users can do cross-chain transactions on the BNB Chain, HECO, and Ethereum. According to its website, MDEX has a total value locked (TVL) of more than $600 million.
MDEX aims to grow by integrating more chains in its ecosystem. Its dual mining mechanism of liquidity mining and transaction mining gives participants with maximum rewards.
MDX is the native token for MDEX’s ecosystem. It has a total supply limit of about 1.06 billion coins. 10% of them are use for team operations while 7% is used to reward early investors. 49% and 31% of these funds are used for liquidity mining on HECO and BNB, respectively.
It is unclear why MDEX price has bounced back in the past few days considering that most cryptocurrencies have nosedived recently. A possible reason is that many investors have moved to Decentralised Finance now that centralized exchanges have continued imploding.
Just a few months ago, exchanges like Voyager Digital and Celsius collapsed. And this month, the top crypto news is the collapse of FTX.
Another reason is that the network has continued adding more products in its ecosystem, On Tuesday, it added Trust Wallet to its Innovation Zone. Trust is a fast-growing coin that was recently touted by Changpeng Zhao. MDEX also continued burning more MDX tokens in a bid to boost its value.
MDX price forecast
The four-hour chart shows that the MDEX price has been in a strong recovery in the past few days. In this period, it has managed to move above the important 25-day and 50-day moving averages. The coin’s Relative Strength Index (RSI) has moved slightly below the overbought level.
MDEX has also formed a bullish flag pattern. Therefore, there is a likelihood that the coin will continue rising as bulls target the next key resistance level at $0.1600. A drop below the key support level at $0.100 will invalidate the bullish view.
How to buy MDEX
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Swapzone
Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.
The post MDX price is defying gravity: Is it a good buy? appeared first on CoinJournal.
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