The cryptocurrency market is witnessing a resurgence in gaming tokens, with BinaryX (BNX) leading the rise amidst a broader market correction.
BinaryX (BNX) Analysis
On the weekly timeframe, BNX has been consolidating within a horizontal channel pattern. Back in July 2024, the token faced a major correction after being rejected at $1.75, leading to a 90% decline to $0.17 by January 2025. Since then, BNX has rallied impressively from this support, posting a 700% gain to the current price of $1.58. The token is now approaching crucial resistance at $1.75—the level where it previously faced significant selling pressure. A breakout above this level could unleash further upside potential.
Immutable (IMX) Analysis
IMX's price action on the weekly chart resembles BNX's. The token has been trading within a horizontal channel, with a previous rejection at $3.97 in March 2024. This rejection and a similar 50-day moving average trajectory led to a dramatic 90% drop, testing key support at $0.40. IMX is currently trading at $0.55, leaving room for downside before potentially bottoming out. Should IMX follow BNX's pattern, a recovery rally could propel the token towards its previous upper resistance of $3.97, implying a potential 600% upside from the current level.
Final Thoughts
With BNX leading the recovery among gaming tokens, IMX appears poised for a similar rise, presenting traders and investors with significant upside opportunities. Key resistance levels must be monitored for confirmation of these bullish breakouts.
The strength of BNX and the potential rebound of IMX highlight the promising opportunities in the gaming token market, given key resistance levels are surpassed.
