Mdex

Satoshi

Loom Network

Time

Coin

<p>The cryptocurrencies Mdex (MDX) and Loom Network (LOOM) have experienced notable price surges today, with MDX climbing over 50% and LOOM increasing by more than 10%. However, our price analyses reveal that now may not be an ideal time for investors to buy into these tokens.</p>
<p>We’ll examine each cryptocurrency’s situation thoroughly:</p>
<h2 class="wp-block-heading" id="mdx-mdex-begins-to-recover">MDX (MDex) Begins to Recover</h2>
<p>MDX, the native token of the MDex decentralized exchange protocol, has seen its price plummet since mid-March, dropping from around $0.09 to its current level of approximately $0.05. After a prolonged downtrend, the price appears to have reached a local bottom and began recovering yesterday.</p>
<p>MDex, launched in January 2021, is an automated market maker (AMM) decentralized exchange operating on the Ethereum and Huobi Ecological Chain (HECO) networks, benefiting from the liquidity of the Ethereum ecosystem.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="464" src="https://captainaltcoin.com/wp-content/uploads/2024/05/image-61-1024x464.png" alt="" class="wp-image-485615" srcset="https://captainaltcoin.com/wp-content/uploads/2024/05/image-61-1024x464.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-61-300x136.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-61-768x348.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-61-1536x696.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-61-2048x929.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-61-331x150.png 331w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-61-100x45.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-61-772x350.png 772w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-61-788x357.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-61.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px">
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<h2 class="wp-block-heading" id="should-mdx-investors-be-excited">Should MDX Investors Be Excited?</h2>
<p>Despite the recent price pump, MDX’s technical indicators suggest caution. The price recently hit the bottom of a descending channel it has been trading within since March, and this bounce could be brief, as seen in other cryptocurrencies after testing support levels without any strong fundamental.</p>
<p>The relative strength index (RSI) of 43 indicates that sellers remain in control, and any buying decisions should be well-calculated. Additionally, the price remains well below the 50-day and 200-day simple moving averages, which could act as resistance levels.</p>
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<p>While a significant fundamental development could potentially drive prices higher, defying the current bearish technical analysis, traders should exercise caution when considering buying MDX at this point. <a href="https://captainaltcoin.com/mdex-token-mdx-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Captain Altcoin’s Mdex token forecast for 2024 and 2025</a> can also guide your decisions.</p>
<h2 class="wp-block-heading" id="loom-network-price-action-is-similar-to-mdx">LOOM Network Price Action Is Similar to MDX</h2>
<p>LOOM’s price action mirrors MDX’s, trading within a descending channel despite the recent bullish move. Loom Network, a platform-as-a-service built on Ethereum for developing decentralized applications, was released on October 1, 2017.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="464" src="https://captainaltcoin.com/wp-content/uploads/2024/05/image-60-1024x464.png" alt="" class="wp-image-485607" srcset="https://captainaltcoin.com/wp-content/uploads/2024/05/image-60-1024x464.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-60-300x136.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-60-768x348.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-60-1536x696.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-60-2048x929.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-60-331x150.png 331w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-60-100x45.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-60-772x350.png 772w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-60-788x357.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-60.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>Like MDX, LOOM’s price remains far below the 50-day and 200-day simple moving averages, which could act as resistance levels. The RSI of 40 indicates that sellers are firmly in control.</p>
<p>While MDX and LOOM have experienced price pumps, their overall technical analysis suggests a continued bearish trend. These spikes do not appear propelled by major news or increased on-chain activity but rather normal price action.</p>
<p>As both cryptocurrencies remain strongly bearish, traders should exercise caution when considering buying positions. Long-term investors may need to consider additional factors to better time their entries and determine their holding period rationale.</p>
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<p>The post <a href="https://captainaltcoin.com/mdex-mdx-and-loom-network-loom-crypto-prices-pumping-why-now-isnt-a-good-time-to-buy-the-tokens/" rel="noopener noreferrer nofollow">Mdex (MDX) and Loom Network (LOOM) Crypto Prices Pumping: Why Now Isn’t a Good Time to Buy the Tokens</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Mdex (MDX) and Loom Network (LOOM) Crypto Prices Pumping: Why Now Isn’t a Good Time to Buy the Tokens

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