BinaryX Price Explodes 22% As Bulls Close in on $130, Time to Buy?

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BinaryX (BNX) price flips bullishly strong amidst a cryptocurrency market engulfed in strong headwinds. The Metaverse token is up 22% on the day and is trading at $75.10.

Trading volume across exchanges jumped by 416% to $41 million, reflecting growing interest among traders and investors. BinaryX ranks as the 110th crypto asset in the market, boasting $211 million in market capitalization.

BinaryX price retreated significantly due to rejection by increased selling pressure at $178 toward the end of November. The token fell like a dead weight in the air with no strong guards to keep bearish advances in check—the demand area at $49.00 allowed bulls to regain composure and fight to prevent further losses.

Recovery commenced immediately after support was confirmed. A buy signal from the Moving Average Convergence Divergence (MACD) indicator called on previously sidelined investors to come back into the market and capitalize on an incoming bullish move to $130.

BinaryX price climbed the ladder relatively unopposed, stepping above the 50-day Exponential Moving Average (EMA) (in red), as highlighted at $72.42. Bulls tried to push the price higher, possibly to achieve a 61.8% recovery from BNX’s support. Still, the resistance provided by the 23.6% Fibonacci retracement level marginally below $80.00 is temporarily standing in the way.

With the MACD crossing into the positive region (above the mean line at 0.00), the path with the least resistance could stick to the upside. The MACD’s (in blue) position above the signal line (in red) suggests that bulls have the upper hand.

BNX/USD eight-hour chart

For BinaryX price to stretch the leg for a 61.8% bullish move, the 50-day EMA support must hold. On the upside, BNX must lift above the confluence resistance at $79.38 – created by a falling trend line and the 23.6% Fibonacci level.

Buy orders entered above this crucial level at $79.38 could tentatively be cashed out at $92.24, as shown by 100-day EMA (in blue), the 100-day EMA (in purple) as highlighted at $116.03 and the 61.8% Fibonacci retracement level, holding the ground at $128.31.

What’s Driving BinaryX Price Uptrend?

BinaryX team may have triggered BNX’s recovery with the introduction of a Cyber Incubation Fund with the full support of the network’s Incubation Program. The new fund was furnished with 220,000 BNX worth around $16.50 million at the current market rate to drive growth and adoption of Web3 games.

The fund made possible by the project team, members of the BNX community and seed investors, will focus on investment in on-chain gaming projects utilizing or experimenting with blockchain technology. BinaryX will also take up an adversarial role for the selected projects to ensure they receive holistic support.

“BinaryX is committed to accelerating the adoption of Web3 technologies in gaming. The fund is not limited to supporting blockchain games already in the space, but also traditional developer teams who want to experiment with blockchain in their games or NFTs,” Rudy, BinaryX’s head of growth, said at the time.

The community rallied behind BNX following the launch of the Cyber Incubation Fund. According to insights from Santiment, this support was essential for the upswing from support at $49.00.

BinaryX price could stretch the leg toward $130 if mentions surrounding BNX continue to soar. Positive investors sentiment also jumped in tandem with the social volume, signaling an optimistic outlook for BinaryX price.

BinaryX Social Volume
BinaryX Social Volume

On the other hand, declines could gain momentum if BinaryX price fails to hold above support provided by the 50-day EMA. A break and hold below this level might push BNX to revisit lower levels toward support at $49.00.

BinaryX Alternatives Promising Explosive Gains

BinaryX price broke out to $80.00 against opposing forces in the crypto market. Although investors look forward to a continued move to $130, price movement is rarely guaranteed.

Therefore, considering portfolio diversification ahead of the New Year could give some investors an edge over the rest. Hence, the need to consider tokens currently in their presales but with solid fundamentals to rally upon listing on exchanges.

FightOut (FGHT)

FightOut is a cryptocurrency platform incentivizing the fitness lifestyle with a fitness app and a chain of gyms. Besides earning rewards for competing workout tasks and challenges, users on the platform have the opportunity to grow within a vibrant community.

A tokenized economy will help run the ecosystem where users earn FGHT tokens for completing M2E tasks. FightOut is also coming to revolutionize the fitness economy with Web3 solutions. Users can create accounts and mint their own digital NFT avatars to use in the metaverse.

FightOut presale is currently underway and has raised slightly over $2.8 million in the first stage. The price will likely increase in later stages hence the need to check out FGHT’s presale for early bird access.

Visit FightOut Now

Dash 2 Trade (D2T)

Dash 2 Trade is a cryptocurrency platform changing how people view and manage their crypto portfolios. This platform gives users access to world-class crypto analytics and social trading tools.

Dash 2 Trade has many features and services that traders can explore as they navigate the dynamic cryptocurrency market. In addition to timely trading signals, Dash 2 Trade offers social sentiment and on-chain analysis to spot trending coins easily.

A trading strategy builder is also in place to help investors improve their skills and share ideas with others. Still, on Dash 2 Trade, users can access a presale dashboard to explore new projects coming into the market.

Dash 2 Trade presale has raised $10.24 million and is in its final stage. D2T is selling for $0.0533 ahead of its first exchange listing on January 11.

Visit Dash 2 Trade Now.

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