The price of BinaryX (BNX) token is currently trading with bullish cues, and the bulls are trying to maintain higher levels. At the time of writing, BNX/USDT is trading at $175.327 with intraday gains of 2.93% and the 24-hour volume to market cap ratio at 0.0233.
BinaryX, an IGO platform, has recently made the announcement of a 1:100 split of its token BNX. This decision was made after the project team conducted a DAO vote and received a majority of votes (99.5%) in their favor. The news has certainly caught the attention of crypto investors.
Many investors are wondering if the current rally of BinaryX is sustainable or a trap. The daily chart of BNX/USDT shows that the prices have recovered 105% from the recent lows and are forming higher highs. The golden EMA crossover is a sign of bullish sentiment. However, the prices are currently facing resistance at the $200.00 level and the long tail rejection shows that this level will act as an immediate hurdle in the coming days. If aggressive bulls manage to break out of this level, then the prices could move up to the $220.00 mark. On the other hand, if BNX prices are rejected from the supply zone, then the prices could consolidate in the range of $120.00 to $200.00 for a few months. If the prices break down the support zone at $120.00 to $100.00 level, then the recent rally could be interpreted as a trap created for the bulls.
The technical indicators of BNX token like MACD curve sloping sideways and RSI at 66 suggest that the prices could move up in the future. However, investors should be aware of the risks associated with investing in crypto assets.
In summary, BinaryX (BNX) token prices have surprised its investors with the recent rally of 105% and the decision of 1:100 split has further boosted the confidence of investors. The technical analysis shows that prices are near the supply zone and could see some consolidation before deciding the further direction. The resistance levels are $200.00 and $220.00, and the support levels are $120.00 and $100.00. Investors should be aware of the risks associated with investing in crypto assets.