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MX Token price prediction: Is another breakout on the cards?

By Capital.com Research Team

11:36, 3 August 2022

MX Token price prediction: Is another breakout on the cards?
A businessman using tablet online banking, currency exchange and payments, digital marketing, finance and banking networks, investments in the growth of the exchange rate, online stores Photo: PopTika / Shutterstock.com

The MEXC Global exchange is attempting to develop an enticing token with promises of discounted fees and exclusive features. It has already experienced some success since launching in 2019.

However, the MX token has been stuck in a bearish trend, along with the wider crypto market. 

Can a new leveraged pairing with USDT save it from a depreciating industry?

The MEXC exchange

MEXC Global is a cryptocurrency exchange that was designed to be user-friendly with high performance and fast transactions. Its website boasts a transaction speed of 1.4m per second, which it said “result in ground breaking efficiency and enhanced performance”.

The exchange has built up a reputable brand, it has over six million users from over 70 different countries. Its website continued:

“This magnificent achievement is a significant milestone, and MEXC Global aims to become the go-to platform for new traders and experienced investors as they move forward in their financial journey.”

To achieve trust from its users, it has prioritised security. The servers hosting MEXC Global are independent and spread across multiple countries. It is hoping this will secure data integrity and safety.

John Chen is the founder of the cryptocurrency exchange and acting chief executive. He has a history in technology start-ups and has held multiple chief executive roles prior to MEXC Global.

What is MX Token?

Like many exchanges, MEXC Global created its own cryptocurrency in 2019 to help it encourage long-term users of its platform. MX Token was built on the Ethereum blockchain and focuses on easing the trading experience.

There are multiple uses for the token. Investors can participate in governance features like electing community members. They also gain discounted trading fees as well as access to its launchpad and MX decentralised finance (DeFi) platform.

MX’s price history

MX Token price chart

Source: CoinMarketCap

CoinMarketCap listed MX Token on 24 September 2019 at $0.19. The exchange token did not see much action for its first 18 months. After recovering from dipping below its launch price in early 2020, it fluctuated around the $0.12 mark for the rest of that year.

XRP/USD

0.60 Price
-0.760% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

DOGE/USD

0.13 Price
-2.490% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

ETH/USD

3,489.66 Price
-1.060% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

SOL/USD

172.74 Price
-1.250% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

It took until 2021 for MX Token to experience its first breakout. It managed to rocket past the $1 psychological barrier by the end of February and continue the momentum into the following months. It reached a high of $2.95 on 12 May. 

After falling below $1 in June, it managed to climb even higher in late 2021. It saw steady growth throughout September and October. Then the exchange revealed a competition with MX Tokens up for grabs on 29 November. By 2 December, it reached its all-time high of $3.70.

The next time it could even come close to this mark was in early April 2022. This was just after an airdrop event was announced for MX Token holders.

However, the cryptocurrency could only reach a high of $2.95 and soon proved particularly vulnerable to the wider crypto crash. It plummeted below $2 in late May and under $1.50 in mid-June. 

Yet, MX Token has made headlines recently as the exchange launched a MX perpetual trading pair with USDT. It supports up to 20 times leverage for those entering long and short positions. At the time of writing, on 3 August, MX Token was trading at $1.28.

MX Token price prediction

Most MX price predictions had a bullish stance over the token’s future potential at the time of writing. For example, WalletInvestor said it was an “outstanding” investment and could reach $1.83 in a year and $3.74 in five years’ time. 

TechNewsLeader’s MX Token price prediction for 2022 expected it to hit a maximum price of $2.93 in a year. It was optimistically expected to surpass $10 in 2027 and $50 in 2031.

A similar forecast was given by PricePrediction with an average value of $1.88 suggested this year. Its MX Token price prediction for 2025 said this would increase to $5.88 and $38.43 in 2030.

On the other hand, CaptainAltcoin suggested MX could fall below $1 in October this year. This bearish trend was thought to continue, and the MX Token price prediction for 2030 said it would become a worthless asset.

When considering a MX price prediction, it’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.

If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns. And never trade with money that you cannot afford to lose.

FAQs

How many MX Tokens are there

On 3 August 2022, there was a circulating supply of 100 million MX Tokens.

Is MX Token a good investment?

MX Token was created for users of the MEXC Global cryptocurrency exchange. It offers users discounted trading fees and access to exclusive features such as DeFi.

Remember, you should always carry out your own thorough research before making an investment. Even high market cap cryptocurrencies have proved vulnerable to the current bear markets. So investors should be prepared to make losses and never purchase more than they can afford to lose.

Will MX Token go up?

At the time of writing, some forecasters, including TechNewsLeader and WalletInvestor, expected MX to see a gradual rise over the next decade. However, not all were optimistic, and CaptainAltcoin suggested it could soon become worthless.

In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether MX Token is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.

Should I invest in MX Token?

MX Token has been stuck in a bearish trend since the crypto crash in May 2022.  It has recently started gaining attention as a new MX leveraged pairing was launched with USDT.

However, there is no guarantee that MX will be able to sustain its price surges. In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether you should invest in the token depends on your risk tolerance and how much you intend to invest, among other factors. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.

 

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