Why Is the BinaryX (BNX) Price Pumping?

Most of top altcoins’ charts look pretty similar – yearly highs in March to May and then downtrend since then.

However, the BNX price is acting differently. BinaryX’s token pumped over 20% last week making it a top gainer and now trading around $1.5.

Analyzing the BNX/USDT chart reveals that the price has actually been in an uptrend since March, when BNX was trading at around $0.3. That represents a 5x gain over the past 6 months, bringing BinaryX’s market cap to over $500 million.

The 200-day moving average currently sits at $0.99, providing strong support. RSI on the daily chart is at 57, indicating more room for growth before entering overbought territory above 70.

The chart also shows $1.7 acting as a stiff resistance level, with the price rejecting there twice in August. Breaking above $1.7 could see the next logical price target at $2.

Read also: Shiba Inu Mirrors Dogecoin: Patterns Signal Explosive SHIB Meme Coin Price Rally

What is BinaryX?

BinaryX started as a decentralized derivatives trading platform but has since evolved into a robust GameFi ecosystem. The project’s core focus is on incubating and empowering blockchain gaming projects through various means of support.

A key goal of BinaryX is to provide necessary infrastructure and development aid to emerging GameFi creators. Their platform aims to remove barriers to entry for developers seeking to integrate blockchain and cryptocurrency aspects. By offering operational resources, BinaryX looks to accelerate the growth of the entire GameFi industry.

In addition, BinaryX seeks to bridge the gap between traditional game designers and the burgeoning world of Web3 gaming. Their tools and expertise help lower the learning curve for traditional game companies entering the crypto space. In doing so, BinaryX hopes to facilitate more collaborations that blend mainstream game mechanics with decentralized finance.

To discover and launch promising new titles, BinaryX developed their Initial Game Offering platform. This IGO launchpad provides funding and promotional support to help games reach their fullest potential. It allows new projects to tap into the BinaryX community while giving users early access to playable alpha and beta versions.

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