Binary X Price Analysis 25/2: Sideways Potential Looms Large for Binary X Bulls

SNEAK PEEK:

• BNX/USDT experienced extreme price swings.
• MACD shows a bearish reversal in the 24-hour chart.
• RSI signals overbought conditions in the short term.

In the last three trading days, the market for Binary X has been dominated by bears, resulting in a steep drop in stock prices. After opening the week at $165, Binary X dropped dramatically to $1.4065 and $1.1852. However, by the end of the week, the bulls had staged a remarkable recovery, and the price had risen back to $160.

Since then, the bulls have raised the cost of Binary X’s intraday opening to $161. As a direct consequence, the price of one Binary X token has increased throughout the day, reaching higher highs of $181. Remarkably, investors have been able to profit from these erratic price swings, demonstrating the bullish nature of the market.

At the time of writing, the price of Binary X has increased to $169, an uptick of nearly 4.82% from the day’s start. Additionally, the cryptocurrency’s market cap increased by 5.42% to $1.63 billion, and its total trading volume increased by 240.28% to $12 million.

The Bollinger bands have augmented drastically on the 4-hour chart, showing a high level of volatility likely to persist in the near term. Additionally, the BNX/USDT token is trading close to the upper arm of the Bollinger band, which proposes solid bullish momentum and elevated investor confidence in the token. 

The Moving Average Convergence Divergence indicators also show that the BNX/USDT token is currently in a bullish momentum as it moves above the zero line. The strong buy signal generated by the histogram value of 3.865 serves as additional confirmation of this.

In contrast, the Relative Strength Index (RSI) has dropped significantly to the overbought region, inferring a possible gradual decline in the near term. The signal line is 18.68, and the RSI is 18.98, just slightly above it. In light of this, the RSI forecasts that a bear market inversion may occur if the current upward trend cannot be maintained during the next trading days.

In the 24-hour chart, the MACD clearly shows a bearish reversal in the present market, judging from the MACD line breaching the signal line and dipping deeper. Furthermore, the histogram, which also supports the bearish reversal, exhibits a dramatic loss in market momentum, as shown in the size reduction and movement of the histogram bars below the zero line.

Moreover, the RSI has flipped and is now signaling oversold market conditions as the RSI line has touched 30.56. On the other hand, while the price is still firmly inside the bands, the Bollinger band is not yet indicating a bearish reversal. The Bollinger bands, however, show a high level of market volatility due to their substantial widening. 

Further, the BNX/USDT token is now trading around the upper arm of the Bollinger band, indicating that a new breakout will likely occur soon if the bulls keep driving up the prices. Yet, a bearish reversal is still possible because the price has not created a new resistance level during the last few days.

Overall, the BNX/USDT is now volatile, with the possibility of both a breakout and a bearish reversal.

Disclaimer: In good faith, we disclose our thoughts and opinions in our price analysis, as well as all the facts we give. Each reader is responsible for his or her own investigation. Reader discretion is advised before taking any action.

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• Source: https://investorbites.com/binary-x-bnx-price-analysis-25-2/