BinaryX (BNX) market performance has been nothing but smiles for its investors this past week. BNX’s price pumped over 46.14% and is currently trading at $1.64. Its trading volume also exploded over 96.66% over the past 24 hours, as more people were buying it.
However, this token’s notable increase has seen analysts predict that it could rise more.
Crypto platform “@decilizer” on X shared with their followers that BinaryX has established its support and is rallying towards our next target of $2.87$ with considerable volume.
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What you'll learn 👉
BinaryX (BNX) Technical Analysis: Price Levels and Momentum Indicators.
BNX is currently trading in a favorable position, with support established at $1.24, as indicated in Decilizer’s tweet. Traders are watching closely as the token approaches a resistance level at $2.00, which could prove pivotal.
Decilizer predicts that if the price shoots above this resistance level, it could open the door for further upward movement, and the next target would be around $2.87.
The support zone at $1.24, seen on this chart, has held firm in recent weeks. This zone provided the base for the current rally. This chart shows that people more people bought when the price was low, and are anticipating further price appreciation as the token gains momentum.
Image Source: TradingView
The RSI is 62.92, suggesting the market is not yet overbought and leaving room for more pumps. Moreover, a bullish divergence between price action and the RSI was seen, which typically signals a potential continuation of the current trend.
This recent upward movement, accompanied by consecutive green candles, further indicates that the momentum remains strong. Should this trend persist, a breakout above the $2.00 resistance could lead to substantial price increases.
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Show more +What’s next for BinaryX?
Two possible scenarios exist for BNX in the coming days. A breakout above $2.00 could push the token towards the $2.87 mark, with further upward movement likely.
Finally, if BNX fails to break resistance, a pullback to the $1.00 support zone could occur, providing an opportunity for traders to accumulate at lower prices.
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