How Did BNX Price Outperform And Became Popular In Crypto Market?

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  • BinaryX has become one of the top 100 cryptocurrencies in the global crypto market.
  • The BNX token price advanced by 700% in the last 1 year.

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 outperform. It has gained momentum and emerged as one of the top 100 crypto assets.

BNX Token
BNX Token Price Overview Chart | Source: CoinMarketCap

BNX Price Surges Amid High Volatility

The BNX price advanced 9.3% in the previous 24 hours from the press time. The token’s market cap was valued at $597.302M, ranking #98 in the global crypto market. This led to a market cap dominance of 0.03% in the global crypto market.

The BinaryX token’s supply inflation was extremely high. It resulted in a 9,396% circulating supply of 373.168M BNX. It was one of the most negative factors for the token’s price performance.

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

The BinaryX price was highly volatile, resulting in 9.86%, which might show uncertain moves in price. Additionally, the token had 10.2K holders and a huge concentration of large holders. This is because its top 10 holders held 99.09% of the token’s total supply.

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

BNX Token
BinaryX Token’s Derivatives Liquidaiton Chart | Source: Coinglass

The BNX price witnessed huge short liquidations in the last few days. This 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. It showed an advance in the token’s derivatives open positions.

How Strong Is The BNX Price On The Technical Chart?

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

BNX Token
BNX Price Technical Chart | Source: TradingView

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

Additionally, strong green candles were formed on the chart, showing 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.

Why Does Technical Still Show Uncertainty In BNX Token Price?

On the daily chart, the 20- and 50-day EMAs traded in a golden cross. 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.

BNX/USD Chart by TradingView.com

The MACD gave a strong buy signal as the MACD, and the signal line recently advanced to a bullish trajectory. The following metrics have 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. It 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.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

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