- BNX faces strong resistance at $2.00, with profit-taking causing consolidation near $1.70-$1.75.
- Exchange flows show large outflows post-surge, suggesting traders secured profits, potentially leading to a pullback.
- If BNX breaks $1.80, another rally toward $2.10-$2.50 is possible; failure may drop it to $1.50-$1.20.
BinaryX (BNX) has had a sharp surge in the last 24 hours, reaching a high of $2.00 before retracing. As of press time, BNX was trading at $1.75, a 45.76% increase in 24 hours. Over the past seven days, the price surged by 71.75%.
Over the month, it jumped by 78.25%. The market cap grew by 40.51% to $635.09 million, with a trading volume of $646.3 million, up by 403.50%. Despite strong momentum, BNX faces resistance at $2.00, with technical indicators hinting at a possible correction.
BNX Faces Resistance as Price Consolidates
BNX’s price action has a sharp upward movement, followed by consolidation near $1.70. The digital asset briefly touched $2.00 but faced strong rejection.
The Bollinger Bands indicate an overbought condition, with the upper band at $1.7537 and the lower band at $0.6545. The 20-day simple moving average at $1.2041 is a key support level. Trading volume had a massive increase, aligning with the price spike.
However, a decline in volume suggests profit-taking by traders. The MVRV-Z Score, a metric used to assess valuation, is at 72.5136. This places BNX in a high valuation zone but below the overheated level of 90.4361. If selling pressure increases, BNX could drop toward its 20-day SMA.
Exchange Flows Indicate Profit-Taking
Data from Coinglass shows fluctuations in BNX exchange inflows and outflows. Positive inflows were recorded before the price surge, indicating strong buying pressure.
However, a large outflow followed, suggesting investors took profits near the $2.00 level. Green bars indicate more funds entering exchanges than leaving.
Red bars, in contrast, show negative net outflows, indicating withdrawals or profit-taking. A massive outflow after the price peak indicates a shift in market sentiment. If selling pressure continues, BNX may face a pullback toward $1.50 or lower.
Key Levels to Watch for BNX’s Next Move
BNX is testing a crucial support zone at $1.70. If buyers push the price above $1.80, another rally toward $2.00-$2.10 is possible. A breakout above this range could send BNX toward $2.30-$2.50.
However, if selling pressure persists, BNX might drop to $1.50, with a further decline to $1.20 if volume weakens. The key levels to monitor are $1.50 support and $2.00 resistance, which will determine the next short-term trend.
