Date: Mon, March 17, 2025 | 03:51 AM GMT
The cryptocurrency market is witnessing a surprising resurgence in gaming tokens, with BinaryX (BNX) taking the spotlight after an unnoticed yet remarkable recovery rally. Despite the broader market correction, BNX has surged over 300% in just the last 60 days. Meanwhile, Immutable (IMX), another major gaming token, has suffered a 57% decline in the same period.
However, as BNX skyrockets by over 700% from its key support level, the price action of IMX appears to be mirroring BNX’s movements, suggesting that it could be gearing up for a similar breakout.
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, which led to a 90% decline, bringing its price down to $0.17 by late January 2025.
Since then, BNX has staged an impressive reversal from this support, delivering an extraordinary 700% recovery rally, which has propelled its price to the current level of $1.58. The token is now approaching a crucial resistance at $1.75—the same level where it previously faced heavy selling pressure.
If BNX manages to break above this key level, it could trigger further upside potential, opening doors for an extended bullish continuation.
Immutable (IMX) Analysis
Looking at the weekly chart, IMX’s price action is closely resembling BNX’s movements. The token has been trading within a horizontal channel, with a previous rejection at $3.97 in early March 2024. This rejection, along with a similar 50-day moving average (MA) trajectory, led to a dramatic 90% drop in price, testing key support at $0.40.
Currently, IMX is trading at $0.55, leaving some room for further downside before potentially bottoming out. If IMX follows BNX’s pattern, a bullish recovery rally could be on the horizon. This could see the token surge toward its previous upper resistance of $3.97, marking a potential 600% upside from the current price.
Final Thoughts
With BNX leading the recovery among gaming tokens, IMX appears to be setting up for a similar move. If the market dynamics align, IMX could follow BNX’s trajectory, offering traders and investors a massive upside opportunity. However, key resistance levels must be closely monitored for confirmation of these bullish breakouts.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making any investment decisions.