MDX price defied gravity on Thursday as cryptocurrencies plunged. The MDEX token went vertical and reached a high of $0.1300, which was the highest level since May 23rd of this year. It has risen by more than 127% from the lowest level this year. It now has a total market cap of more than $103 million.
What is MDX and why is it rising?
MDEX is a leading blockchain project that provides a decentralized crypto exchange (DEX), Initial Model Offering (IMO), and Decentralized Autonomous Organization (DAO). It is a platform that is deployed on the Binance Smart Chain, HECO, and Ethereum.
MDEX provides a dual mining mechanism of liquidity mining and transaction mining that provides participants with maximum rewards. Integrating multiple chains makes it possible to be an all-rounded DeFi protocol.
According to its website, MDEX has a total value locked (TVL) of more than $616 million. At the same time, data compiled by CoinMarketCap shows that it handled about $4.8 million worth of transactions in the past 24 hours. This was a 54% increase from the previous day.
It is unclear whether MDX price went parabolic on Thursday. A likely reason is that Mdex recently launched its perpetual trading feature this month. Perpetual futures are products that are similar to stock futures. The only difference is that perpetual futures don’t have an expiry date.
Another possible reason why MDX price rose is the addition of Metallurgy’s token was added to MDEX’s platform. It could also be a pump-and-dump scheme.
Meanwhile, the prices of most cryptocurrencies has crashed in the past few hours. Bitcoin crashed to a low of $18,700 while the total market cap of all digital coins crashed to about $900 billion.
MDX price prediction
The daily chart shows that the MDX price went parabolic on Thursday. It rose to a high of $0.1300, which was the highest level since May 24. It has jumped above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) rose to the overbought level. The coin also rose above the important resistance level at $0.1174, which was the highest point on June 19.
Therefore, the MDEX token will likely retreat as sellers target the key support level at $0.100, which is about 20% below the current level. A move above the resistance point at $0.1300 will invalidate the bearish view.