The Mandala exchange is driven by the Binance cloud and facilitates faster and safer cryptocurrency transactions. It also enables higher trading depth and aims to provide a high-quality user experience. Trading discounts, exclusive trading rewards, and advanced trading tools are distinguishing features of this network. MDX is the customized token of this ecosystem. The MDX technical analysis is as follows:
On May 26, 2021, MDX opened at $1.96. On Jun 1, 2021, MDX closed at $2.47. Thus, in the past week, the MDX price has increased by approximately 26%. In the last 24 hours, MDX has traded between $2.41-$2.54.
Day-Ahead and Tomorrow
Currently, MDX is trading at $2.46. The price has decreased from the day’s opening price of $2.47. Thus, the market seems bearish.
The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, the price may decrease further.
Currently, the RSI indicator is at 35%. It faced rejection at 33% and rose to this level. Thus, buying pressures are slowly building up. However, selling pressures are still high. Hence, the price may go down further.
Besides, the OBV indicator is steadily falling. Thus, buying volumes are lesser than selling volumes. High selling activity will exert downward pressure on the MDX price.
In a nutshell, all three oscillators have given bearish signals. Thus, the price is likely to fall further.
MDX Technical Analysis
Currently, the price is below the Fibonacci pivot point of $2.47. The price may soon fall further below the first Fibonacci pivot support level of $2.42. If the bears remain strong till day end, the price may fall below the subsequent support levels of $2.39 and $2.34, respectively.
The price has tested and fallen below the 38.2% FIB retracement level of $2.46. The price is likely to soon fall below the 23.6% FIB retracement level of $2.44 as well. Thus, as of now, the price downtrend is strong and is expected to continue today and tomorrow.