BitMax Token (BTMX) has a market cap of 77 million USD and is ranked 76th on coingecko.com (1905th on coinmarketcap). BTMX trades at 0.119659 USD/0.00001049 BTC which is up 671.5% from the launch price.
Backed by the Ethereum platform, BTMX as is an exchange-based token (akin to BNB on Binance) used on the BitMax trading platform to facilitate convenient and secure settlement as well as to incentivize participation in the ecosystem. BTMX is distributed via a “transaction mining" mechanism, with users receiving BTMX based on their trading volume. BTMX can also be purchased on the BitMax exchange under the BTMX/USDT and BTMX/BTC trading pairs.
Currently, BTMX is available only on the BitMax exchange.
Despite the relatively small size of the project, BitMax enjoys a strong social media following with 18.9k twitter followers, 24.9k Telegram members, and 1.6k Reddit group followers.
Price Action Analysis:
BTMX reached an all-time high of 0.307045 USD on March 27th and currently trades around 0.119659 USD with the multi-month trend line acting as support and currently reversing prices to the upside. The next resistance target to be broken can be seen around 0.14 USD, after which prices could potentially move as high as 0.285-0.33 USD without any major resistance slowing it down.
On the 4H time frame, we can see price action having a very bullish impulse in the past hours with a break of the 0.118-0.119 USD local resistance after support was found on the previously mentioned trend line. If prices continue moving with bullish momentum, the next target to be broken can be seen around 0.128 USD where the swing high of 21st July can be seen. Alternatively, we could see a retest of 0.119 USD before continuing higher as overall price action has been very bullish for the past weeks.
On the daily chart against Bitcoin, we can see prices setting a higher low yesterday after the support of 950 Satoshi was rejected, indicating bullish momentum is ready to take over in the market. However, a new higher high is yet to be seen and would additionally confirm the trend reversal, with the previous high to be broken at the 1250 Satoshi level last reached at the end of July.
On the 4H time frame, a 10% rise in prices can be seen in the past 12 hours with prices currently trading close to the minor resistance level of 10.6k Satoshi, which could slow prices down and cause a retracement of some of the current impulse to the upside. The next resistance targets, if the 10.6k level is broken, can be seen around 11.2 and 12.3k Satoshi, with the last one being the current swing high, which if broken, would signal a strong reversal to the upside in the long term.
Overall, BTMX is a project with great potential and a clear use case on the BitMax Exchange. With BTMX following in the footsteps of BNB on Binance, which has been one of the best performers this year, BTMX would benefit from further demand for exchange-based tokens. Technically, prices look to be ready to reverse to the upside as currently, new higher lows have been set. Prices are already moving higher and will likely continue doing so in the upcoming weeks.