BinaryX Performs Better Than The Crypto Sector, Here Is Why

Investors have been ecstatic about BinaryX's (BNX) market performance over the past week. With a 25.62% increase, the price of BNX is currently trading at $1.42. Since more people were purchasing it over the previous 24 hours, its trading volume also surged by almost 50%.

Source: CoinMarketCap 

Nevertheless, given this token's noteworthy increase, analysts believe it may rise even further.

The cryptocurrency platform "Decilizer" on X announced to its followers that BinaryX has proven to be stable and is now moving strongly in the direction of our next target, $2.87$.

Price levels and momentum indicators in the technical analysis of BinaryX (BNX)

Decilizer's tweet indicates that BNX is currently trading in a favorable position, with support set at $1.24. As the token gets closer to a resistance level at $2.00, which could be crucial, traders are keeping a close eye on it.

According to Decilizer, a price break above this resistance level may allow for additional upward movement, with $2.87 as the next target.

However, with a price volatility of 9.86%, the BinaryX price may experience some up-and-down price movements. In addition, there were over ten thousand token holders, with a significant concentration of large holders. This is due to the fact that 99.09% of the token's supply was held by its top 10 holders.  

The previous day saw a 67% increase in the derivatives volume for the BNX cryptocurrency. This led to a traded value of $79.87M, indicating that buyers of the token were upbeat.  

In the past few days, there have been significant short liquidations on the BNX price. This indicated that buyers were in control of the price after a quick $71.10K liquidation on the previous day. Furthermore, the longs that were liquidated in the token had a $1.40K value.

This chart's support zone, which is located at $1.24, has remained stable in recent weeks. This zone served as the current rally's foundation. This graph demonstrates that more buyers purchased when the price was low and are expecting the token's value to increase as it gains traction.

The market may not be overbought just yet, as indicated by the RSI of 62.92, which allows for additional pumps. In addition, there was a bullish divergence between price movement and the RSI, which usually denotes a possible continuation of the present trend.  

Consecutive green candles and the recent upward movement suggest that the momentum is still strong. A breakout above the $2.00 resistance could result in significant price increases if this trend continues.

Furthermore, the 20- and 50-day EMAs traded in a golden cross on the daily chart. The cost remained higher than before. Additionally, the 50-day EMA was traded below the 200-day EMA, but the BinaryX price was maintained above the 200-day EMA.  

The MACD signal line recently progressed to a bullish trajectory, indicating a strong buy signal from the MACD. Bullish histograms formed on the chart, and the following metrics have traded in a golden cross.

Following the bullish momentum, the 14-day SMA was broken above by the RSI. The trading level was 46.9. The BNX token's resistance levels were $2.0 and $1.750, and its support levels were $0.6450 and $1.090.