Bear Market Coming? 3 Reasons to Hold $MX in Uncertain Times
After a 3-month cold winter, the crypto market saw a return from January’s floor: Bitcoin price has found support above $40,000, up more than 20% from the lows set in late January. Following the recovery, the price of MX is now rising and could accelerate further above the $2 resistant zone. $MX is the native token of the crypto trading platform MEXC Global.
A slowdown of the global economy and expectations of increasing interest rates mark a growing uncertainty of the financial market. As MEXC reveals its ambition to expand more markets and businesses this year, the platform is making efforts to prove that $MX has the power to be trustworthy and long term upward in uncertain times.
Brand Efforts and Ambitions
Over the past months, the MEXC team has been particularly active and earned a reputation. In October, MEXC Global strategically partnered with Bybit and launched joint launchpad to promote top-tier projects. In November, MEXC Pioneer launched with $100M growth fund, which supported projects like Solana, Polygon, Avalanche and Algorand in their early days. As of the turn of the year, MEXC announced the sponsorship of Bitcoin 2022, the biggest event in the blockchain industry.
As the global operations growing quickly, more company moves and marketing campaigns are going to come and win attentions. In November, MEXC won the title of the best crypto exchange in Asia at the Crypto Expo Dubai 2021. The accolade that places MEXC as the best crypto trading platform in Asia demonstrates the platform's global marketing strategy and ambitions to adapt to changing markets.
Winning in CEX Competition
According to Coinmarketcap, this CEX boasts over $500 million trading volumes in average every day and acquires growing user base in over 200 countries. An evidence for its fast growth is the diversified portforlio and increasingly more initial listing tokens. There are 1400+ tokens listed on MEXC at present, which gives investors more choices for new tokens with potential. Research show that of some 300 new assets that launched in 2021 H2 on MEXC, 29 were also listed on Binance and Coinbase Pro, with 23 of them IEO on MEXC and then listed on Binance and Coinbase Pro.
MEXC Tokens Listed on Binance & Coinbase
It is recognized that the more exchanges on which an asset is listed, the better its market recognition as a high-quality asset. In this regard, numerous high-quality assets were originally listed on MEXC, and it has exceeded Binance and Coinbase in terms of asset selection and IEO speed, making MEXC distinctive and competitive among CEXes. MEXC is ranked #17 at CoinGecko, and believed to be stepped up this year.
Outperforming All the Way in Bulls and Bears
$MX has progressively gained in value since its introduction in 2018, and hit an all-time high of $3.7 in last November, giving early investors a 400x returns for early investors.
MX Token All Time Price Chart (Source from CoinMarketCap)
As investors expect monetary policy to tighten this year, market sentiment toward cryptocurrencies looks to be shifting. In other words, 2022 could mark another crypto winter after bulls that last two years. It's rather difficult to anticipate which of the 17,000+ cryptocurrencies will recover the fastest or rise the most. However, certain tokens still remain competitive and performed in recent weeks. $MX is definitely on the watchlist, despite the shift to a mostly risk-off environment.
At the time of writing, MX token was up by 4.5% to $1.7. The first key resistance level will be January’s high around $2. A breakout from $2 levels would bring December’s high $2.5 and November’s ATH $3.7 into play.