Mdex (MDX) is a DeFi ecosystem that integrates DEX, IMO, and DAO. The coin is up by over 50% today. What can be the reason?
The 228th largest market cap coin, according to CoinGecko, is one of the biggest gainers of the day, although the overall crypto market is falling.
Why Mdex coin going up?
There are some positive developments in the Mdex project. Recently, they announced the launch of the Perpetual Trading Feature on the decentralized exchange through their official Twitter handle. The platform supports up to 200X leverage. They offer 10% off the trading fees if traders pay it with MDX. This must have increased the buying pressure.
The community finds this project interesting and different from others. Further, to celebrate the launch of the Perpetual Trading Feature, the project announced a $10,000 airdrop event. Traders who open a position in the platform stand a chance to win a giveaway of at least $15 in MDX and APX.
Twitter users are speculating if the event is the reason for the pump in the coin. However, the actual reason for the pump is broadly not known. What does the price action of the coin say?
Mdex (MDX) price action
MDX was consolidating tightly between 0.0601 to 0.0632. It then formed a volatility contraction pattern, as shown in the chart below, and gave a strong breakout on Oct. 9. The volumes supported the breakout, and the coin is up by almost 75%
This breakout made the price give a daily closing above the 100-Day Exponential Moving Average (EMA) after almost a year. The last time the price was trading above 100 DEMA was in Oct. 2021. The close above such a significant resistance is bullish because 100-Day EMA will act as a support now. Will this sustain the pump?
The coin is now battling the resistance of the 200-Day Simple Moving Average (SMA) and the resistance of the 0.236 level of The Fibonacci Retracement from April 2022 highs. It has never closed above 200-Day SMA since its listing. Will the rally, accompanied by crazy volumes, allow the coin to close above 200-Day SMA for the first time?
If there is a closing above the 0.236 Fibonacci level, the next major resistance for the MDX token is at the 0.382 level at a price range of 0.1663 to 0.1692. The 200-Day EMA also lies in this price range.
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