Why Is the BinaryX (BNX) Price Pumping?

Most of the top altcoins' charts resemble each other – yearly highs in March to May and a downtrend since then. However, BinaryX's token (BNX) has diverged from this trend.

Last week, BNX pumped over 20%, making it a top gainer and now trading around $1.5.

Analyzing the BNX/USDT chart reveals that the price has 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 stands at $0.99, providing strong support. The RSI on the daily chart is at 57, indicating room for growth before entering overbought territory above 70.

Source: TradingView

The chart also shows $1.7 acting as a resistance level, with the price being rejected there twice in August. Breaking above $1.7 could potentially lead to a logical price target of $2.

What is BinaryX?

BinaryX began as a decentralized derivatives trading platform and has evolved into a robust GameFi ecosystem. Its primary focus is incubating and empowering blockchain gaming projects through various means of support.

BinaryX aims to provide essential infrastructure and development aid to emerging GameFi creators. Their platform aims to eliminate 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.

Additionally, 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. 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 full potential. It allows new projects to tap into the BinaryX community while giving users early access to playable alpha and beta versions.