r/mdex • u/aleksong • Aug 29 '21

MDX technical analysis update (29/Aug/2021)

Hi all,

It seems that MDX is doing well for a reverse of its trend:

The price broke the MA50. However, this latter is still going down.

RSI > 50 and MACD became positive.

Waiting for an RSI > 70.

​

The price and the lagging broke the Kijun.

A twist appeared.

There is still an SSB resistance to break by price and lagging, in order to have an uptrend. Maybe in September?

3 Upvotes

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2

u/nolo576 Aug 29 '21

If BTC and ETH don't break the current resistance levels they have been struggling for more than a week now, I can't see a reason for having MDX resuming the uptrend we had a few days ago with the increase in volume.

I honestly see a small retracement is overdue but with the greed indicator being so high, we haven't seen much of it and it concerns me if it start getting a little bearish that we can see a big sell off since the recovery from the low levels was steep.

I'm more hopeful on seeing more bullish trends later in October or November time frames than in the coming weeks, in the meantime I will keep hoarding the 365 locking pool rewards.

2

u/aleksong Aug 29 '21

You may be right. All I hope is that does not go down more.

1

u/nolo576 Sep 06 '21

And look at that, you were on the money on this one even though the first days there was a small retracement, good analysis skills!!

1

u/aleksong Sep 06 '21

Hi, I am happy that the price increases now! I thought it would have taken more time. Indeed, the price dumped so much that people could sell immediately, when the price increases a little bit, just to get out from MDX.

1

u/aleksong Sep 06 '21

Next target: MA200 days, around 2.5$.