- MDX token shows the 50, and 200 EMA are on the verge of giving golden crossover in the 4hr time frame chart
- The MDX/BTC pair was trading at 0.00003089 BTC with a gain of 2.59%
- The 24hr trading volume is MDX tokens $46.2 Million.
The MDX token has shown an impressive 35% recovery after the price took its second bounce from the $1.06 mark. Anyhow, for the past few days, the token price was wavering below the $1.4 resistance level until today, when the price showed a long green candle trying to break out from this overhead resistance level. Thus, the MDX traders can grab an excellent long opportunity for them if the price manages to give a candle closing above this level.
The RSI (BULLISH) value for the MDX token is 59, indicating a bullish momentum in the price. Moreover, the RSI line has also managed to break out from its resistance mark.
MDX Token Shows A Small Consolidation In The 4hr Time Frame Chart
The MDX shows the price is wobbling between the $1.26 and $1.42 SR levels, creating a small consolidation range for the token. Anyhow, such a rectangle pattern provides an excellent direction move to its trader when the price offers a decisive breakout from either of its levels.
Moreover, the TRX traders can also plot the traditional pivot levels in their chart, as they provide a great confluence with the SR levels of the 4hr time frame chart., providing an extra edge in one’s trading.
Regarding the EMA’s, the MDX token is trading above the 50, 100, and 200 EMA, indicating a solid bullish trend formation. In addition, the chart also shows the 50 and 200 can soon provide a golden crossover, which could attract even more buyers in the token market.
Conclusion: From the technical perspective, the overall trend of the MDX token is still bearish. However, the price action calls for a great long opportunity with its range breakout, and if the price manages to sustain above the $1.42 resistance, the trader can expect till the $1.56 mark and later the $1.7.
Support– $1.26
Resistance– $1.42. $1.56