$BNX Price Prediction: Expecting a Correction Towards $0.20
BinaryX ($BNX ) has seen an extraordinary surge in price, but several technical indicators suggest that a significant pullback is on the horizon.
Currently, the Relative Strength Index (RSI) is hovering above the 70 mark, signaling that the asset is in overbought territory. Historically, when the RSI reaches these levels, it often triggers profit-taking from investors, which can lead to a sharp decline in prices. Additionally, a bearish divergence has formed, pointing to a weakening of momentum, which often precedes a trend reversal.
Volume spikes have been observed in recent days, signaling potential market manipulation. This type of erratic behavior is commonly associated with "pump and dump" schemes, where early investors cash out, leaving retail traders caught as the price crashes.
While $BNX has broken through several critical Fibonacci levels, there is insufficient support to maintain the rally. The 0.618 Fibonacci level aligns with key liquidity zones, and it is likely that the price will retrace towards this level. The gaps left from the recent price surge suggest that institutions could target these inefficiencies, driving the price lower.
Correction Target: $0.20 – as the market adjusts and fills liquidity gaps.