The MX Token (MX) is one of the top rising coins of the day in percentage terms. The currency has risen by 32% in 24 hours to reach an all-time high at $106.09 as of this writing. MX/USD is also up almost 22%, trading at 139 satoshis on CoinMarketCap. The rally has been triggered by a bullish breakout, which RSI confirms with a reading of 70, while MACD points northbound, indicating more upside may be coming. Several factors make this rally look bullish, as further explained in the feature article.
The cryptocurrency is up from a low of $97, which means that it has rallied by over 17% in a short space of time. The currency was trading at $105 yesterday, but it managed to increase by almost 30% in a day or so. This is a significant move considering it is still very early in the rally, and there could be more to come. This is one of the best USD-MX pairings on CoinMarketCap and it could still be poised for more gains as the trend looks set to play out. The cryptocurrency is currently trading at a market cap of $563 million, and it has a circulating supply of 6,800,000 coins. It processed an average daily volume of $16 million in the past 24 hours, indicating there could be more upside in the coming days.
The MEXC exchange
MEX is still the biggest exchange in terms of MX volumes. Over 50% of MX trades have taken place on this exchange and it could be the driving force behind this rally. It boasts a 24-hour volume of $8 million, with OKEx and CoinSwitch as runners-up with volumes of $4 million each. In total, $16 million worth of MX has changed hands over the past day. The next few days will be key for the cryptocurrency, as it looks set to break into double-digit territory for the first time. A move above $120 could trigger more gains, so traders should remain alert to any developments in the coming period.
What is MX Token?
MX is a mineable cryptocurrency in the same vein as Bitcoin (BTC). It is a digital asset that has been designed to allow trading on the MEXC exchange, which was created by the founders of MX. Instead of depending on proof-of-work for confirming transactions, it uses another consensus algorithm known as proof-of-stake. A total of 21 million coins are expected to be released over time, with each block producing 5 new coins.
🔥 Forecast 🔥 #Mx-token $MX (Rank:232🏁) price has increased: 0.461% 🚀, Price: $1.23, Volatility: 2.934% ($0.03558), Price Target (24h): $1.20🔻 | 👁️ More: https://t.co/CizXdjJF64 pic.twitter.com/gG6j3syc7P
— Data Metrics UG (@DataMetrics_UG) August 5, 2022
This will ensure that there are no issues with inflation and it places an upper cap on the currency’s supply. The developers have also said that they might increase this cap if there is enough demand for more coins. The current price of $106 makes it the sixth-best performing cryptocurrency in the market with a market cap of $563 million. Interestingly, it is trading just behind Bitcoin Cash (BCH) and Litecoin (LTC), which have a market cap of $621 million and $586 million respectively.
MX Token price prediction
The cryptocurrency’s price has been rising steadily over the past month, but it seems to have found some form of support at the current levels. A move above $120 in the coming days could signal that there is more upside left in store. The technical indicators are pointing northbound, which is a good indication that this rally has just started. The coin is up by almost 25% in the past 24 hours and it could be on its way to a new all-time high soon. A break above $130 will pave the way for a higher high, while an all-time high could be achieved with a break above $150.
The cryptocurrency has a market cap of $563 million, putting it on par with BCH and LTC. The token currently competes with two major cryptocurrencies, which puts it in a good position to serve the needs of its users. The positive growth trend has further been confirmed by the relative strength index (RSI) and moving average convergence divergence (MACD), which point northbound. The coin is also up from a low of $97, which is a significant gain considering it is still very early in the rally.