Chart Analysis BinaryX (BNX)

1. Overview
   
   Timeframe: Daily chart (1D), covering November 2024 to March 2025.
   
   Current Price: $1.2875 (as per the chart, at 08:49 UTC-3).
   
   Breakout: The price broke above $1.2522 (previous high in February 2025) and activated a bullish pivot at $1.2744.
   
   Volatility Range: $1.3333 as the top and $1.2408 as the base. The current price is within this range but closer to the top.


2. Fibonacci Projections
   
   The chart shows Fibonacci levels plotted in both bullish and bearish directions. Let's interpret them:

Bullish Fibonacci:

0.618 ($1.618): A classic Fibonacci extension target, indicating significant upside potential if the breakout holds.

1.0 ($1.8783): Full extension of the previous move, suggesting a more ambitious target.

These levels indicate that if momentum continues, BNX could aim for $1.618 as the next key target, with $1.8783 as a long-term objective.

Bearish Fibonacci:

0.618 ($1.136): A key support level in case of a correction after the breakout.

0.382 ($1.3290): Interestingly, this level is very close to the top of the volatility range ($1.3333), reinforcing it as resistance.

0.0 ($0.3920): The base of the move, marking the previous correction low (February 2025).

3. Critical Levels on the Chart

Resistances:

$1.3333 (top of the volatility range, aligned with the bearish 0.382 Fibonacci).

$1.618 (bullish 0.618 Fibonacci).

$1.8783 (bullish 1.0 Fibonacci).

Supports:

$1.2408 (base of the volatility range).

$1.136 (bearish 0.618 Fibonacci).

$1.000 (psychological support and level tested in March).

4. Recent Price Movement

BNX dropped to $0.3920 in February (bottom of the move) before rallying to $1.2522, as anticipated by some TradingView analyses. Now, after breaking the previous high, it stands at $1.2875, testing the upper range.

The "Three White Soldiers" Pattern

Between March 12-14, a potential “Three White Soldiers” formation appeared (three consecutive green candles), leading to the breakout.

1. Volume
   
   Current Volume: 15.83M BNX, at decent levels but not explosive.
   
   March 10 Spike: A volume peak occurred when the price first tested $1.2522. However, the current breakout lacks a strong volume surge, indicating some caution.


2. Context & Sentiment
   
   Impending Suspension: Binance will suspend BNX trading on March 18 at 03:00 UTC (00:00 UTC-3), in less than 40 hours. This creates a tight window for price movement within the volatility range.
   
   Rebranding to FORM: The 1:1 rebranding could be driving speculation, but also uncertainty. Traders may be buying in anticipation of profits before the freeze or positioning for the relaunch on March 21.
   
   X (Twitter) Sentiment:
   
   Today, @cexscan reported a 3.83% spike, with BNX at $1.205 at 05:13 UTC-3.
   
   The price has risen further since, showing interest, but the short timeframe increases volatility risks.


3. Possible Scenarios
   
   Bullish Scenario

Testing $1.3333: The price is just cents away from the top of the volatility range ($1.3333), which also aligns with the bearish 0.382 Fibonacci ($1.3290). If broken with volume, BNX could aim for $1.618 (bullish 0.618 Fibonacci) before the suspension—a +25% move from $1.2875.

Breakout Strength: The pivot at $1.2744 and breakout above $1.2522 suggest bulls are in control. If volume increases, $1.3333 may just be a stop before higher targets.

Bearish Scenario

Rejection at $1.3333: This area could form a triple top (previously tested in February and early March). A rejection could lead to a pullback toward $1.2408 (volatility range base) or even $1.136 (bearish 0.618 Fibonacci), a 6-12% decline.

Suspension Driving Selling Pressure: Traders might take profits before March 18, especially if the price reaches $1.3333, increasing the risk of a pullback.

8. My View (Technical Curiosity)

The breakout above $1.2522 and pivot at $1.2744 are strong bullish signals. The current price of $1.2875 is well-positioned to test $1.3333 in the next few hours, especially with the "Three White Soldiers" pattern.

Your Fibonacci projections are well-placed:

Upside: $1.618 is a reasonable target in a bullish run, but unlikely before March 18 due to time constraints and resistance at $1.3333.

Downside: $1.136 and $1.2408 are solid support levels if a correction occurs, potentially after the suspension if the hype fades.