Analysis from 1h chart
 

MDX experienced a sharp rise in a short period of time, with the price rising from approximately 0.042 USDT to 0.0569 USDT, an increase of nearly 35.63%.

The overall cryptocurrency market sentiment has improved, possibly led by the rise of Bitcoin or other major cryptocurrencies, causing investors to rush into the market and push the MDX price up.

  • Technical factors: A breakthrough in a key resistance level or a chart pattern (such as a head and shoulders bottom, double bottom, etc.) is completed, and technical traders follow suit and buy, further pushing up prices.

  • Large capital entry: Certain large or institutional investors buy in large quantities, causing prices to rise sharply in a short period of time.

Previous volatility

  • Before the rise, MDX was in a sideways state for a long period of time, with the price fluctuating between 0.03298 and 0.042 USDT. This sideways consolidation is usually a sign that the market is waiting for major news or the market direction is unclear.

Future Trends Prediction

In the short term

  • Risk of pullback: After such a sharp rise, there may be pressure for profit-taking in the short term, leading to a price pullback. Investors need to pay attention to the resistance level of 0.0569 USDT and the support level of 0.042 USDT. If it can stabilize above 0.042 USDT, the pullback may be limited.

  • Volume observation: As can be seen from the figure, the recent volume has increased significantly, indicating that the market participation is high. If the subsequent volume can continue to remain high, the price may fluctuate at a high level and wait for the next direction.

Medium to long term

  • Positive news continues: If the positive news that led to this rise can continue to ferment, or the BETA team can continue to introduce initiatives that are conducive to the development of the ecosystem, the price is expected to rise further.

  • Technical support: From a technical perspective, if BETA can break through and stabilize above 0.0569 USDT, the next target may be 0.06 USDT or even higher. However, if it fails to break through this key resistance level, the price may fluctuate between 0.042 and 0.0569 USDT.

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