BNX Price Surges Amid High Volatility

Since its launch, the BinaryX (BNX) price has underperformed and faced strong profit booking. However, over the last 7 months, the BNX price has started to

BinaryX (BNX) price showed a remarkable performance over the last seven months, surging to the top 100 crypto assets. After facing strong profit booking and underperformance since its launch, BNX price has finally started to gain momentum.

However, despite the recent surge, token’s supply inflation remained extremely high, with a circulating supply of 373.168M BNX, which might hamper its price performance.

After a slight dip, the BNX price was valued at $1.17 with a 9.3% surge in the last 24 hours from the press time. The token was ranked #98 in the global crypto market with a market cap of $597.302M. This gave BNX a market cap dominance of 0.03% in the global crypto market.

The value of the token’s traded volume also increased by 87% in the last 24 hours, resulting in a traded value of $16.124M. This showed an increase in the demand for tokens among traders and investors.

Being highly volatile, the BinaryX price showed a price range of 9.86%, which might indicate uncertain moves in price. Moreover, the token had 10.2K holders with a huge concentration of large holders as its top 10 holders held 99.09% of the token’s total supply.

The BNX crypto’s derivatives volume increased by 67% in the previous 24 hours, resulting in a traded value of $79.87M, which showed optimism among the token’s buyers.

The BNX price witnessed huge short liquidations in the last few days, which showed that buyers ruled over the price following a short liquidation of $71.10K in the last 24 hours. Additionally, the longs liquidated in the token were worth $1.40K.

The token’s open interest also advanced by 12.8%, resulting in $49.43M, which showed an advance in the token’s derivatives open positions.

The BinaryX price sustained above a dynamic trendline for over six months, which led the price to higher levels. This was followed by the formation of a higher high swing on the technical chart.

The BNX crypto price advanced by 45% in the last six days, and the recent price action showed strong bullish momentum.

Additionally, strong green candles were formed on the chart, which showed bulls’ dominance in price. The BNX price further took resistance at a dynamic trendline.

Suppose the price breaks above the higher dynamic trendline stated on the technical chart and sustains above the same. If this happens, we might see higher levels.

On the daily chart, the 20- and 50-day EMAs traded in a golden cross, and the price was sustained above the same. Also, the BinaryX price was sustained above the 200-day EMA, while the 50-day EMA was traded below the 200-day EMA.

The MACD gave a strong buy signal as the MACD and the signal line recently advanced to a bullish trajectory. The following metrics traded in a golden cross, and bullish histograms were formed on the chart.

RSI followed bullish momentum as it broke above the 14-day SMA and traded at the level of 46.9. The support levels for the BNX token were $0.6450 and $1.090, followed by the resistance levels of $1.750 and $2.0.