Why is PIVX Coin Pumping? Here Are Reasons Behind the 160% Pump

Privacy-focused cryptocurrency PIVX saw its price spike over 20% in the last 24 hours after being listed on leading exchange Binance. The news propelled PIVX to break out of its trading range and hit highs not seen since May.

PIVX touched a peak of $0.629271 earlier today, rapidly climbing from around $0.445379 yesterday. At last check, the PIVX price stood at $0.591462, still up 21.55% for the day amid significantly higher than usual trading volumes.

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The privacy-oriented project that utilizes proof-of-stake consensus languished below $0.50 throughout much of 2022. However, the lucrative Binance listing finally appears to be catalyzing pent-up bullish momentum for the long-term cryptocurrency.

In addition to the 21% daily gain, PIVX has now surged over 160% over the past week. Momentum has accelerated further just within the last 24 hours after attaining the Binance seal of approval.

Looking ahead, PIVX will need to break above technical resistance around $0.65 to confirm a bullish breakout and extension of the rally. Its 200-day moving average also looms as an area of potential friction around $0.68.

Still, analysts remain optimistic about PIVX’s uptrend continuation, given improving sentiment and fundamentals. As a well-established privacy coin with innovative staking mechanisms, PIVX offers use cases that could drive more adoption.

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For now, the PIVX community is reveling in the renewed interest sparked by Binance. With solid volumes and its technical picture brightening, PIVX appears ready to revisit its 2022 highs above $1 in the not-too-distant future. However, it has been common for Binance-listed coins to surge post-listing. However, investors should be cautious while investing in such coins.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency