Date: Fri, Aug 22, 2025 | 05:50 AM GMT
The cryptocurrency market is facing notable volatility as Ethereum (ETH) retraces to $4,278 from its recent $4,780 peak, marking a 7% weekly drop. While the correction has pressured most major altcoins, centralized exchange (CEX) tokens are showing remarkable gains.
Among them, MX Token (MX) has stood out, posting a 12% daily gain and extending its weekly rally to 21%. More importantly, its chart is now flashing a familiar bullish setup, one that previously preceded a massive rally.
Fractal Setup Hints at a Bullish Continuation
On the weekly timeframe, MX has been moving within a broad rising wedge pattern — a structure that has repeatedly led to explosive rallies before encountering major resistance.
A striking example occurred in early 2023, when MX perfectly bounced from the wedge’s lower support, reclaimed its 25-week moving average, and broke out above a multi-month downtrend resistance. That breakout unleashed a stunning 524% rally, propelling the token toward the wedge’s upper boundary.
Fast forward to now, the parallels are undeniable.
MX has once again rebounded from wedge support, pierced through its downtrend resistance, and reclaimed its 25-week moving average. The token is now edging closer to the 100-week MA near $3.24, a pivotal level marked on the chart’s highlighted circle.
What’s Next for MX?
If MX can decisively break above the $3.24 resistance, it could trigger a powerful continuation rally, with the wedge’s upper boundary near $8.00+ serving as the next potential upside target. Such a move would represent a 190%+ rally from current levels.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.