BinaryX launched the Four.Meme fair launch platform on July 3, 2024. It then rebranded to Four to achieve a better cohesive identity with the token launch platform.
However, since the ticker FOUR is widely used in the meme coin community, the team settled on changing the ticker to FORM, announcing a 1:1 swap from BNX to FORM on March 21. Holders on centralized exchanges will not need actions to convert, while those on decentralized exchanges (DEX) will need a converter.
The BNX price has increased rapidly since the start of February, cracking the top 100 largest cryptocurrencies ranked by their market capitalizations.
BNX started another bullish wave shortly after the announcement. Let’s look at the price action and see where it can lead.
The BNX price has increased by over 1,100% since the start of February. The upward movement has been parabolic, with a brief decline in March. While BinaryX created a triple top pattern (red icons) alongside a descending resistance trend line, it broke out on March 16, invalidating the bearish pattern.
The BNX price is approaching the all-time resistance of $1.65, a breakout above which could make the upward movement even more parabolic.
Technical indicators support the continuation of the increase. The Relative Strength Index (RSI) broke out from a descending resistance trend line (black), while the Moving Average Convergence/Divergence (MACD) generated a hidden bullish divergence (orange).
The daily time frame suggests BNX will break out and reach a new all-time high. Let’s look at the wave count and see where that can lead.
New BNX All-Time High
The wave count also gives a bullish BNX price prediction, implying that a new all-time high is likely soon. The count shows that BNX started a five-wave upward movement (green) in February and is currently in wave three.
Wave one ended on Feb. 21, leading to an A-B-C correction (black) that spilled over in March. If the count is accurate, BinaryX has begun an extended wave three, taking it to a new all-time high. The sub-wave count is in black.
BNX is in sub-wave three of wave three, often the most rapid portion of the upward movement. The first target for the top of wave three is at $1.92, giving it the same length as wave one.
However, because of the extension, the BNX price will likely increase to $2.66, giving it 1.61 times wave one’s length.
Alternatively, falling below the sub-wave one high (red line) at $0.88 will invalidate this bullish count, suggesting the upward movement is over. This currently seems unlikely.
Bullish Trend Continues
The BNX price has shown tremendous strength since February, defying the rest of the crypto market. The upward movement resumed in March, taking BinaryX close to its all-time high resistance.
Furthermore, BinaryX’s price action, indicator readings and wave count are all bullish. If BNX reaches a new all-time high, the first two targets for a top are at $1.92 and $2.66, respectively.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
