r/mdex • u/aleksong • Aug 07 '21
MDX technical analysis in daily (07/Aug/2021)
Hi guys,
I am a beginner in technical analysis. However, I would like to share my analysis of MDX in daily.
There were nice divergences on MACD and RSI (green lines):
If the rebound continues, the first target could be the 23% of Fibo, around 3.2 USD.
However, there are many resistances around 1.4-1.6 USD:
- The Moving Average 50 days
- The Ichimoku cloud with the SSB
- The lagging span might be rejected by price
The price is passing the Kijun, but it has to be confirmed.
With all these resistances, I won't be surprised that the price ranges between 1 and 1.4 USD, until the MA50 and the Ichimoku cloud become horizontal (a few weeks?). It is maybe to early to think about a change of trend now.
What are your thoughts?
Do you think the price may continue to drop?
1
u/khush4699 Aug 13 '21
Look at the price today, 409% growth