- Despite bear pressure, MXC bulls have been in control of the market for the past week.
- The price of MXC has increased by 99.23%.
- Bulls may set new MXC price to new highs in 2023.
MXC is an ERC-20 utility token that is utilized for transactions involving devices that are carried out using the MX Protocol. IoT tokens and data are able to be published, sold, and traded on an inter-chain NFT marketplace as a result of this capability.
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As the bulls took control of the MXC price early last week, the price began trading in a bullish sentiment, reaching a 7-day high of $0.04551. The bears, however, were not put off by this bullish price correction, as they proceeded to set new weekly lows at $0.02486, smack in the middle of the week. In the past day, bulls have dominated trading, driving the MXC price higher.
The current MXC price is $0.05074 with a 24 hour trading volume of $24,452,439. There has been a 99.23% increase in MXC over the past 1-day. Currently, the total market cap of this cryptocurrency is $134,050,8241, with a market rank of #168 on CoinMarketCap. There are currently 2,642,132,371 MXC in circulation.
The Relative Strength Index (RSI) for the 7-day price movement of MXC is pointing in the northern territory, strengthening the bullish sentiment and suggesting that prices are heading toward their price peak. As the bulls have established favorable market conditions, investors may feel comfortable making long-term investments; consequently, it is reasonable to anticipate that the current price momentum will continue over the course of the next month, which could lead to the bulls establishing new highs for the MXC in 2023.
The widening of the Bollinger Band (BB) indicates that the price movement is an uptrend, implying that the bullish sentiment for MXC’s price may persist in the long run. The upper band is currently at 0.08593, while the lower band is at 0.02905; these are the short-term resistance and support levels. At the end of the BB, a bullish candlestick pattern has formed, indicating an impending bullish run. This is encouraging for investors and traders because it suggests that a long-term bullish run is possible.
Since the MACD line is above the signal line, traders should be aware that a bearish momentum may occur in the future. The MACD is also pointing up, indicating that bullish momentum is present in the market; it also indicates that buyers’ impact may continue in the long run. Currently, the MACD line is reading -0.01033.
The Average Directional Indicator (ADX) is currently at 29.16, indicating that the market is overbought, which contributes to the strengthening of the bullish movement. As a result, both long-term and short-term investors can take heart from the fact that the bulls currently control the AXC market.
In conclusion, technical indicators show that bulls are in control of the MXC market. This upward trend may be sustained in the near future. So, if investors want to invest in MXC coin, now is the time because the bulls have the potential to set new highs for MXC price.
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