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AdEx Network Breakout Analysis – ADX Pumps +30% in a Single Day
AdEx ADX just pumped up to +30% in a single day with a strong breakout on Binance & other Exchanges. Let’s take a quick look at ADX, price analysis, and possible reasons for the recent breakout.
What is AdEx Network?
AdEx Network describes itself as a new-generation solution aiming to address and correct some of the most prominent inefficiencies of the online advertising industry. AdEx originated in 2017 as a decentralized ad exchange and subsequently evolved into a full protocol for the trading of advertising space/time and the subsequent verification and proof of ad delivery. It covers all interactions between publishers, advertisers, and end-users.
ADX Quick Stats
| SYMBOL: | ADX |
| Global rank: | 190 |
| Market cap: | $48,543,775 AUD |
| Current price: | $0.4443 AUD |
| All time high price: | $4.86 AUD |
| 1 day: | +30.25% |
| 7 day: | +45.66% |
| 1 year: | +380.42% |
ADX Price Analysis
At the time of writing, ADX is ranked 190th cryptocurrency globally and the current price is $0.4443 AUD. This is a +45.66% increase since 13th December 2020 (7 days ago) as shown in the chart below.
If we see the above 4-hour candle chart, ADX did a strong breakout from the falling wedge pattern & is now heading towards its major resistance of the month. After BTC made a new all-time high in its price and Altcoins are also rising in a bullish trend, ADX looks well-positioned to hit the next high price levels.
“The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge.”
What do the technical indicators say?
The AdEx Network TradingView indicators (on the 1 day) mainly indicate ADX as a buy, except the Oscillators which indicate ADX as a sell.
So Why did ADX Breakout?
The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason for this sudden pump in price could be the whales secretly buying ADX for the next Altcoins rally & it could also be contributed to some of the recent news of ADX Staking Rewards.
Recent ADX News & Events:
- 26 November 2020 – Black Friday Cashback Campaign
- 07 December 2020 – AMA with AdEx CEO
- 19 December 2020 – ADX Staking Rewards.
Where to Buy or ADX?
ADX has the highest liquidity on Binance Exchange so that would help for trading ADX/BTC or ADX/ETH pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
Author
Malik Junaid
Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.
