BinaryX (BNX) Price Pumping? Analyst Predicts Rally to $2.87

BinaryX (BNX) market performance has been nothing but smiles for its investors this past week. BNX's price pumped over 46.14% and is currently trading at $1.64.

BinaryX (BNX) has seen a remarkable rise in the past week, leaving many investors wondering what's driving this pump and where the token is headed next.

After a 46.14% increase, BNX is now trading at $1.64, accompanied by a significant 96.66% surge in its trading volume over the past 24 hours. As the token continues to pump, traders are keeping a close eye on the key price levels and momentum indicators.

🔎 Analyzing BinaryX (BNX) Price Movements: Support and Resistance Levels

As we can see from decilizer's tweet, BNX has established support at $1.24 and is rallying towards the next target of $2.87 with considerable volume. While observing this token's price movements, traders noticed how BNX is looking bullish today.

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- decilizer (@decilizer) March 21, 2023

As BNX price⬆️⬆️, traders are watching for a breakout at 2.00$, which could lead to a continuation of the bullish trend towards the next target at 2.87$. Keep following for more updates!

- decilizer (@decilizer) March 21, 2023

Now at 1.64$ with a breakout at 2.00$, which could lead to a continuation of the bullish trend towards the next target at 2.87$. Don't miss out on the upcoming price movements. Stay tuned for more updates! 🚀

- decilizer (@decilizer) March 21, 2023

🔎 Analyzing BinaryX (BNX) Technical Analysis: Price Levels and Momentum Indicators

BNX is currently trading in a favorable position, with support established at $1.24, as indicated in Decilizer’s tweet. Traders are watching closely as the token approaches a resistance level at $2.00, which could prove pivotal.

Decilizer predicts that if the price shoots above this resistance level, it could open the door for further upward movement, and the next target would be around $2.87.

The support zone at $1.24, seen on this chart, has held firm in recent weeks and provided the base for the current rally. This chart shows that people bought more when the price was low, and are now anticipating further price appreciation as the token gains momentum.

image source: TradingView

The RSI is 62.92, suggesting that the market is not yet overbought and leaving room for more pumps. Moreover, a bullish divergence between price action and the RSI was seen, which typically signals a potential continuation of the current trend.

This recent upward movement, accompanied by consecutive green candles, further indicates that the momentum remains strong. Should this trend persist, a breakout above the $2.00 resistance could lead to substantial price increases.

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What’s next for BinaryX?

Two possible scenarios exist for BNX in the coming days. A breakout above $2.00 could push the token towards the $2.87 mark, with further upward movement likely.

Finally, if BNX fails to break resistance, a pullback to the $1.00 support zone could occur, providing an opportunity for traders to accumulate at lower prices.

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