The price of POLYX, the native token of the Polymesh layer 1 blockchain, is up 58% at the time of writing, currently trading around $0.26 after surging from 0, $15 Thursday morning.
With intraday trading volumes of over $690 million, POLYX tends to be the biggest winner of the day.
Notably, the altcoin's surge in value comes as the broader crypto market mirrored the stock action, with Bitcoin price reversing to support near $28,000 and Ethereum holding onto its recent gains just above $1,900. POLYX was trading over 60% on BTC and ETH pairs around 4:20 p.m. ET on April 20.
While the total crypto market cap fell 3% to $1.24 trillion, Polymesh rose 60% to $162 million, ranking the cryptocurrency 179e the largest on CoinMarketCap.
Why is Polymesh price up today?
Polymesh price is skyrocketing after major news involving the world's largest cryptocurrency exchange, Binance. Dominating the world of crypto trading in terms of daily volume, Binance is the number one platform to buy POLYX.
News that the crypto giant had entered into a partnership with Polymesh and was now a node operator on the security token blockchain sparked massive buying pressure for the POLYX token.
The Polymesh Association said in an announcement that Binance joins 17 other node operators as Polymesh seeks to expand its security tokens and native POLYX to institutional participants around the world.
Graeme Moore, head of tokenization at the blockchain platform, said:
“The integration of Binance as a new node operator gives Polymesh a huge boost in terms of visibility, credibility and security. We are encouraged by this development and look forward to growing the Polymesh ecosystem with the Binance support.
In addition to becoming a node operator, Binance will also add POLYX staking by the end of the week.
POLYX Price Prediction
Analyst bitcoin price predictions suggest a successful rebound from the $28,000 area could take the major cryptocurrency to new highs above its year-to-date high.
For the broader market, this would mean a potential uptick in positive sentiment, with short to medium term bets on a new bull cycle. POLYX price would likely be targeting a new all-time high given that it hit its high of $0.49 in October 2022.
The immediate outlook for POLYX after breaking above the resistance at $0.18 and $0.21, is that the bulls need to turn $0.25 into support. If this happens, the primary target will be $0.33 before an attempt for the aforementioned ATH.
But with the daily RSI in overbought territory and potential take profit trades might require a retest of $0.15 and likely $0.10.
Advertisement
Invest in the best cryptocurrencies quickly and easily with the world's largest and most trusted broker, eToro.
10/10
81% of retail CFD accounts lose money