MX is the native crypto token of MEXC, a centralized exchange (CEX) that launched in 2019. MX enables the MEXC ecosystem and grants its holders access to exclusive features and benefits of the platform. Holders can participate in governance, team selection priority events, and more.
MEXC is a crypto platform that offers various services, such as spot, margin, and futures trading. The platform also provides passive income staking, DeFi solutions, and more. MEXC allows users to buy and sell crypto using fiat currency through the P2P market.
The maximum possible value of MX TOKEN (MX) is $1,225,660,141, if all the 430 Million MX tokens that are currently in existence were traded in the market.
According to Coingecko, a website that provides crypto data and information, this is a theoretical scenario that shows the highest potential market cap of MX TOKEN (MX). However, the actual MX market cap may be different, depending on how many MX tokens are actually in circulation.
In the past 24 hours, MX crypto’s market value has increased by 10.31% and its trading volume by 121.19%, as reported by CoinMarketCap. This cryptocurrency is currently valued at $286,249,218 and its trading volume stands at $6,939,900. There are 100,631,536 MX in circulation.
The MX Token has shown a remarkable performance in the recent period, increasing its value significantly. As in the last week, it has risen by 28.41%, which is a remarkable feat for any crypto asset.
Moreover, in the last month, it has gained 27.85%, indicating a strong bullish trend. However, in the last three months, it has only increased by 2.07%, which suggests that the token faced some resistance and volatility in that period.
Despite this, the token has achieved a staggering 250.24% growth year to date, which is a testament to its potential and popularity among the MEXC users and investors.
Therefore, if the price manages to continue rallying, it may face the next resistance levels at $3 and $3.5. On the contrary, if the price faces resistance and slides down then MX might reach the next support levels at $2.5 and $2 if it cannot hold the current level.
At the time of publishing, MX TOKEN (MX) is trading sharply above the 20 and 50-day EMAs (exponential moving averages).
The current value of the RSI is 80.66 points and the 14-day SMA is below the median line at 56.95 points and took support from 14 SMA.
The MACD line at 0.1083 and the signal line at 0.0343 are above the zero line both lines cross each other showing a bullish crossover in MX TOKEN. The histogram is broadening which shows that the price is turning bullish.
Conclusion
The MX price is showing an upward trend and a rally at the moment of writing. The technical indicators of the MX Token price are pointing strongly toward the bullish direction, implying that the price may continue to ascend if it succeeds in alluring more buyers on the daily chart. The MX Token price also reflects the optimistic outlook and expectations of the investors and traders regarding the token on the daily chart.
Technical Levels:
- Support levels: $2.5 and $2
- Resistance levels: $3 and $3.5
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/10/20/mx-token-2023-can-mx-token-sustain-ongoing-bullish-rally/