The charts of most of the top altcoins look pretty similar – yearly highs in March to May and then a downward trend since then.
However, BNX price has been a different story. BinaryX’s token has surged more than 20% in the past week, becoming the top gainer and currently trading around $1.50.
Analysis of the BNX/USDT chart shows that the price has actually increased since March, when BNX was trading at around $0.30. This represents a 5x increase in the past 6 months, bringing BinaryX’s market capitalization to over $500 million.
The 200-day moving average is currently at $0.99, providing strong support. The RSI on the daily chart is at 57, indicating there is room for growth before entering overbought territory above 70.
Source: TradingView
The chart also shows that the $1.7 level acted as strong resistance, with the price being rejected there twice in August. A break above $1.7 could see the next reasonable price target at $2.
Read more: Shiba Inu Mirrors Dogecoin: Patterns Signal Meme Coin's Explosive Bull Run SHIB
What is BinaryX?
BinaryX started as a decentralized derivatives trading platform but has since evolved into a robust GameFi ecosystem. The core focus of the project is to incubate and empower blockchain gaming projects through various means of support.
BinaryX’s primary goal is to provide the necessary infrastructure and development support for emerging GameFi creators. Their platform aims to remove the barriers to entry for developers looking to integrate blockchain and cryptocurrency aspects. By providing operational resources, BinaryX hopes to accelerate the growth of the entire GameFi industry.
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Additionally, BinaryX seeks to bridge the gap between traditional game designers and the burgeoning world of Web3 gaming. Their tools and expertise help reduce the learning curve for traditional game companies entering the crypto space. In doing so, BinaryX hopes to facilitate more collaborations that combine mainstream game mechanics with decentralized finance.
To discover and launch promising new titles, BinaryX has developed their Initial Game Offering platform. This IGO launch platform provides financial and promotional support to help games reach their full potential. It allows new projects to tap into the BinaryX community while providing users with early access to playable alpha and beta versions.
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