BNX Price Prediction: BinaryX 1:100 split turned highly rewarding

BNX Price Prediction: BinaryX 1:100 split turned highly rewarding

BinaryX (BNX) token price is trading with bullish cues and bulls are trying to hold the higher levels. However prices are near the supply zone and might see some sort of consolidation. Currently, BNX/USDT is trading at $175.327 with an intraday gains of 2.93% and the 24-hour volume to market cap ratio at 0.0233

BinaryX, a Gamefi and IGO platform has announced the split of its token BNX. The decision was made after a project team ran a DAO vote and received a majority of vote (99.5%) in their favor which has grabbed the attention of the crypto investors. 

Is BinaryX price rally sustainable or a trap?

BNX/USDT daily chart by Tradingview

BinaryX (BNX) token prices have recovered 105% from the recent lows and continuing the upward momentum by forming higher high candles. Recently, the BinaryX team has announced a 1:100 split which has triggered a short covering rally and new investors have also rushed to buy at any price available in the market.

In the beginning of February, BNX token prices had managed to climb above the 50 day EMA which turned the short term trend in the direction of bulls and later due to highly bullish sentiment bulls breakout of the 200 day EMA and given a golden EMA crossover. However, form the past few days prices are facing resistance at $200.00 and forming a long tail rejection shows that $200.00 level will be acting as a immediate hurdle in coming days whereas if aggressive bulls breakout of the $200.00 then upside of 10% will open up which can take the prices toward $220.00 mark.

On the other hand, if BNX token prices faced rejection from the supply zone marked above then prices are expected to consolidate in the range between $120.00 to $200.00 for coming months. However if prices break down the support zone at  $120.00 to $100.00 level then the recent rally must be interpreted as a trap created for the bulls. The technical indicators of BNX token like MACD curve sloping sideways and seems to be lacking momentum indicates mild bearishness whereas the RSI at 66 denotes more room for upside is open for the bulls.

Summary

BinaryX (BNX) token prices have surprised its long term investors with the recent rally of 105% approx and has also boosted the confidence of its investors after the decision of 1:100 split. However, the technical analysis shows that prices are near to the supply zone and might see some sort of consolidation before deciding the further direction.

Technical levels

Resistance levels : $200.00 and $220.00

Support levels : $120.00 and $100.00

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Source: https://www.thecoinrepublic.com/2023/02/25/bnx-price-prediction-binaryx-1100-split-turned-highly-rewarding/