Certain tokens are finding it difficult to stabilize, while others are quickly assertively rising. Right now, Binance Coin (BNB) has faced heavy selling pressure at $670. A lot of traders are on the lookout to find out whether the BNB price can rise or not.
Meanwhile, a new crypto is hotting up. DTX Exchange is generating a buzz with its presale, demonstrating solid basics and a very unique application which appeals to investors.
So let’s take a closer look at Binance Coin’s struggles and why DTX Exchange is becoming a strong choice for traders.
Binance Coin (BNB) Faces Selling Pressure
Binance Coin (BNB) has been a top performer for years, powering the Binance ecosystem. However, BNB price’s movement has recently hit a roadblock.
BNB price saw a very steep drop a few weeks ago; so once it was around $670, it started facing strong selling pressure, leading to a pullback in value. This resistance level has now become a key battleground between bulls and bears as BNB price currently sits around $650.
Source: CoinMarketCap
According to market analysts, a key driver of the selling pressure is the increased market volatility. A number of traders are cashing out after BNB price’s recent climb, resulting in weakness.
Adding to the uncertainty, Binance Coin has also faced regulatory issues in different markets. While Binance continues to expand its services, legal issues have created concerns about future growth. These have added to the selling pressure on BNB price, which makes investors more conservative.
On the other hand, the value and market cap of the Binance Coin is still one of the highest among the cryptocurrencies. Its relative strength index (RSI) is now neutral (50) and depends on the buying and selling activities of the people. However, short-term volatility is currently directing the attention of investors to seek other opportunities.
DTX Exchange (DTX) Is on the Rise
This new trading platform, DTX Exchange, is designed to connect traditional and crypto markets. It thereby provides investors with exposure to a very large number of assets, up to 120,000. Trading on this platform is great for both new and experienced traders as it allows trading liquidity of up to 1000x.
DTX Exchange provides its users with the ability to trade cryptocurrencies, forex and stocks as well as other real-world assets. It can do so through the Phoenix Wallet, which can efficiently handle those various asset types. It is implemented on a very capable layer-1 hybrid blockchain (Vulcan X), providing extremely fast transactions and security.
DTX Exchange also boasts a secure and audited ecosystem, backed by third-party verification from SolidProof. It also attracts users with incentives like profit shares, staking rewards and governance rights.
The DTX token started at just $0.02 in its presale and has already surged to $0.18. With a strong demand from investors, analysts predict that the value of each of its 475,000,000 tokens could increase even further after launch at $0.20. That fixed supply is expected to help maintain scarcity and potential long-term value growth.
With over 600,000 investors and more than $14.8 million raised in its presale, DTX Exchange is proving to be a serious competitor in the market.
Conclusion
While Binance Coin remains a strong project, short-term resistance is holding it back. Some investors believe that BNB price will eventually break through, but in the meantime, others are looking for better opportunities. DTX Exchange is proving to be a powerful alternative. With its fast-growing presale, strong real-world utility, and innovative trading platform, DTX Exchange is quickly becoming one of the most exciting crypto projects.
