The price of POLYX, the native token of layer 1 blockchain Polymesh is up 58% at the time of writing, currently trading around $0.26 after skyrocketing from lows of $0.15 on Thursday morning.
With intraday trading volumes of over $690 million, POLYX is trending as the biggest gainer on the day.
Notably, the upsurge in the altcoin’s value comes as the broader crypto market mirrored stock market action, with Bitcoin price flipping to support near $28,000 and Ethereum holding onto recent gains just above $1,900. POLYX was trading over 60% up on both BTC and ETH pairs around 4.20 pm ET on 20 April.
As the total crypto market cap shed 3% to $1.24 trillion, Polymesh was up 60% to $162 million, ranking the cryptocurrency as the 179th largest on CoinMarketCap.
Why is Polymesh price up today?
Polymesh price is pumping 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 behemoth had struck a partnership with Polymesh and was now a node operator on the security token blockchain triggered massive buying pressure for the POLYX token.
The Polymesh Association said in an announcement that Binance was joining 17 other node operators as Polymesh sought to expand its security tokens and the native POLYX to institutional participants across the world.
Graeme Moore, the blockchain platform’s head of tokenization, said:
“Onboarding Binance as the newest node operator provides Polymesh with a massive boost in visibility, credibility, and security. We are encouraged by this development, and look forward to growing the Polymesh ecosystem with Binance’s support.”
Other than becoming a node operator, Binance will also add POLYX staking by the end of the week.
POLYX price prediction
Analysts’ Bitcoin price prediction suggests a successful rebound from the $28,000 area could bring the top cryptocurrency to new highs above its year-to-date peak.
For the broader market, that would mean a potential uptick in positive sentiment, with short term to medium bets of a new bull cycle. POLYX price would likely be eying a new all-time high given it reached its $0.49 peak in October 2022.
The immediate outlook for POLYX after breaking above resistance at $0.18 and $0.21, is that bulls need to turn $0.25 into support. If this happens, the main target will be $0.33 before an attempt for the aforementioned ATH.
But with the daily RSI in overbought territory and potential profit taking deals could necessitate a retest of $0.15 and likely $0.10.
Invest in the top cryptocurrencies quickly & easily with the worlds largest and most trusted broker, eToro.
81% of retail CFD accounts lose money