Forecasting Binary X Price Movement: Can the Digital Currency Experience a 30% Surge?
Recent activity in the cryptocurrency market has been quite dynamic, with moderate increases seen across the board, alongside a recovery in trading volumes, creating an air of anticipation among traders.
According to CoinMarketCap data, the total market capitalization of cryptocurrencies has increased by 3.2% in the past 24 hours, reaching $2.02 trillion. During this period, trading volume has surged by 26.40%.
While Bitcoin, the dominant player in terms of market capitalization, briefly peaked at $57,000 on September 10, it is currently down 3% this month.
In contrast, Binary X’s GameFi token BNX has emerged as one of the standout performers, grabbing the attention of speculators with its consistent daily uptrend over the past four days.
BNX has shown an impressive 30% gain over the past week, outperforming popular gaming tokens like Axie Infinity (AXS), Sandbox (SAND), Gala (GALA), and Decentraland (MANA) during this period.
Predictions for Binary X Price Movement
An analysis of TradingView’s BNX/USDT hourly chart reveals that BNX managed to turn resistance at $1.37 into support on September 7, subsequently breaking through the $1.44 barrier where it had faced rejection earlier.
The bullish momentum continued, with BNX recording its fourth consecutive upward movement on Monday, September 9.
As of the time of writing, BNX was priced at $1.49. Sustained stability above $1.37 is likely to bolster the bullish sentiment, potentially paving the way for a challenge against the strong resistance around $1.7, a level where the price was rejected twice in August.
To achieve a new yearly high above $1.84, BNX will need to surpass the barrier at $1.66.
Conversely, a corrective phase could bring the $1.38 support level into focus. A breach below this immediate support could lead to a further decline towards the robust support near the 200-day moving average at $1.00.
Profit-Taking Strategy and Downside Risks
Upon close examination of the daily chart, signs of weakening price dynamics were observed in BNX following a bullish breakout from an initial drop that briefly pushed the token below $1.12 on September 7.
Indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) on the BNX/USDT 4-hour chart are hinting at a possible shift towards bearish momentum.
The RSI has been hovering just below 70, slightly outside the overbought region, at around 67 during this analysis. Meanwhile, the MACD line appears to be nearing a bearish crossover with the signal line, indicating a potential downward trend in the price ahead.
This bearish outlook could prompt traders to take profits, leading to increased selling pressure within the current price range.
Moreover, in the absence of immediate catalysts to sustain the bullish momentum, bearish speculators may begin to enter short positions, while bullish investors might focus on tightening stop-loss orders on their long positions.