Binary X Price Prediction: Is a New High in Sight After 30% Gains?

• A currently little-noticed series of daily gains has catapulted the BNX price close to its August 22 high.
• BNX is likely to benefit from a recovery in Bitcoin, whose price action continues to influence altcoins with smaller market capitalization.

The crypto market is currently experiencing a whirlwind of activity, marked by modest gains across the board, a recovery in trading volumes, and a sense of excitement among traders.

Data from CoinMarketCap shows that the total crypto market capitalization has grown by 3.2% in the last 24 hours and currently stands at $2.02 trillion. The 24-hour trading, on the other hand, has increased by 26.40% during this period.

Bitcoin, the leading cryptocurrency by market capitalization, reclaimed $57,000 on September 10, but remains down 3% this month.

In contrast, Binary X’s GameFi token BNX has been one of the top performers, attracting the attention of speculators thanks to a notable continuous daily uptrend over the past four days.

Source: TradingView

BNX traded with an impressive 30% gain over the past 7 days, leading gaming tokens including Axie Infinity (AXS), Sandbox (SAND), Gala (GALA), and Decentraland (MANA) during this period.

The price forecast for Binary X shows…

The BNX/USDT hourly chart from TradingView shows that BNX broke the resistance at $1.37 to support on September 7 before accelerating and breaking the ceiling at $1.44 where it was previously rejected.

BNX continued its remarkable rise on Monday, September 9, printing a fourth consecutive green candle.

Source: TradingView

BNX was changing hands at $1.49 at the time of writing. A sustained consolidation above $1.37 will reinforce the bulls’ resolve to challenge the strong resistance at $1.7, where the BNX price was rejected twice in August.

BNX must overcome this resistance at $1.66 to reach a new yearly high on uncharted territory above $1.84.

Source: TradingView

Conversely, a correction will bring the support level at $1.38 into focus. A break below this immediate support will trigger a further pullback towards the stronger support around the 200-day moving average at $1.00.

Profit taking and downside risks

On the daily chart, BNX showed signs of price weakness following the striking bullish breakout from an initial decline that pushed the token below $1.12 on September 7.

The Relative Strength Index (RSI) and MACD (Moving Average Convergence Divergence) indicators on the 4-hour chart of BNX/USDT also signal a possible shift towards bearish momentum.

Source: TradingView

The RSI reading moved outside the overbought zone above 70 and was just below 67 at the time of writing. Meanwhile, the MACD line is approaching the signal line from above and forming a bearish crossover, indicating an impending price downtrend.

This pessimistic forecast could force traders to take profits and increase selling pressure in the current range.

In addition, a lack of immediate, sustainable catalysts could attract short positions from pessimistic speculators, while optimistic counterparts focus on tightening stop-loss limits on their long positions.