BinaryX Price Explodes 18% As It Emerges Among The Top Gainers, Will The Bulls Sustain The Momentum?
BinaryX(BNX), a metaverse crypto project that thrives on a gamified powered by players and developers, has flipped bullishly in the crypto market. The metaverse token has exploded 18% today, with the BNX/USD trading at $1.02.
The tokens trading volume has also surged 265% to $91 million, reflecting growing interest among traders and investors. Moreover, according to Crypto Insights, BNX has emerged among the top gainers alongside H2O and DADDY.
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Daily Market Overview
July 03, 2024
#BTC price trades around $60K
🔸Top Gainers:
$H20$DADDY$BNX$EUL$DORA🔸Trending Searches: $ZRO $SOL $NOT $TON $PEPE $PENDLE
In the past 24 hours , 44,603 traders were liquidated (83.61%Long), the total liquidations comes in at… pic.twitter.com/LX0mv1iXQB
— Crypto Insights (@CryptoInsightsX) July 3, 2024
BinaryX aims to create a sustainable economic model for its games, building upon the existing ecosystem and adding fun gaming experiences.
Unfortunately, BinaryX has taken to its X platform to reveal the termination of the Pancake Mayor game as of July 5. The team project has urged the players to complete any pending withdrawals, as the Pancake Mayor game will cease operations.
Dear Players,
We regret to inform you that the Pancake Mayor game will cease operations on July 5th at 12 PM UTC+8. Please ensure that you complete any pending withdrawals at your earliest convenience.
Thank you for your understanding and support throughout this journey. pic.twitter.com/GrKBhqmPgR
— BinaryX (@binary_x) July 1, 2024
BinaryX Statistical Data
Based on Coinmarketcap data:
- BNX price now – $1.02
- BNX market cap – $373 million
- BNX total supply – 558 million
- BNX circulating supply – 367 million
- BNX ranking – #148
BinaryX retraced immediately on June 28 due to rejection by increased selling pressure at $1.16. The token fell like a dead weight in the air with no strong guards to keep the bearish sentiments in check. However, the bulls gathered some stamina at around the $0.70 support level, regaining composure to prevent further downward losses.
The BNX token is trading bullishly. The bulls aim to fly the price above the $1.16 technical barrier, hoping to hit the all-time high of $1.27.
Based on the technical outlook and price movements, the bulls are in control of the price as they target the ATH. The BNX is trading well above the 200-day SMA, which acts as its immediate support at $0.96. The bulls are gearing towards surpassing the 50-day SMA, which in this scenario acts as an immediate resistance, hindering the bulls from propelling the price to a higher level.
The Relative Strength Index(RSI) is well above the mean level of 50. Currently, it sits at 59, strengthening the bullish momentum. Increased buying pressure will see the RSI jump to the 70-overbought zone, validating the bullish thesis in the BNX market.
On the other hand, the Moving Average Convergence Divergence (MACD) average line(blue band) is above the signal line (orange band). This indicates strong bullish momentum as the MACD signal hurtles towards the positive territory above the neutral line.
BinaryX price prediction: Will The Bulls Sustain The Upward Trajectory?
The RSI and MACD indicators, taken together, suggest that the bulls have the upper hand, and the BNX price could extend upwards.
In the 4-hour chart analysis, the odds tilt towards the buyers as they target to breach the $1.16 technical barrier. Moreover, if the bulls flip the 50-day SMA to its immediate support, they might grow hind wings, propelling the price to around $1.45 in the next hours.
Conversely, if the bears take control of the price at this level and breach the $0.70 support mark, the bullish thesis will be invalidated. In a dire case, the BNX price will dwindle to retest around $0.58 support level.
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Emmaculate Araka
Emmaculate Araka is a cryptocurrency writer with published works on Crypto2Community and other news sources. She is believer in the transformative power of crypto and the blockchain industry, conducting on-chain analysis, breaking down market-triggering events, and helping traders and investors benefit from expert technical price analysis. Emmaculate finds gratification in diving deep into the crypto space, earning herself significant knowledge and experience. She holds a Bsc. in Information Science, and outside work, Emmaculate loves reading novels and watching documentaries.
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