BNB Short Holders Might Book Profits Soon
Although Binance failed to trigger a bullish breakout at the end of September, it has still recorded modest gains of 8.67% over the last 30 days. As the broader cryptocurrency market heads into Q4, optimism remains that BNB will see more bullish momentum in the upcoming weeks.
Currently, BNB is trading at $551.90, reflecting an intra-day increase of 2.72%. However, BNB’s trading volume has decreased by 11.86% in the last 24 hours, indicating that many investors are holding their tokens for now. According to Coinglass data, BNB’s long-to-short ratio stands at 0.97, signaling bearish pressure in the market. If short holders begin to book profits, BNB’s price could face significant downward pressure in October.
Monero Faces Bearish Pressure After Kraken’s Delisting
Monero (XMR) recently faced a notable setback as it was delisted from the Kraken exchange in several European countries due to new security regulations. This delisting resulted in an immediate price drop of over 10%, pushing Monero’s value below $150. Coupled with bearish on-chain metrics, Monero’s price may continue to experience volatility in the coming weeks.
At present, Monero is trading at $145.48, reflecting a 10.88% decline over the past week. Despite a generally bullish sentiment within Monero’s community, analysts are anticipating a potential sell-off soon, as the XMR/USDT daily chart shows strong sell signals. Should profit-taking occur, Monero could test the crucial support level of $143.28.
Lunex Network’s No-KYC DeFi Exchange Draws New Investors
Lunex Network is generating significant buzz in the market due to its innovative cross-chain decentralized finance (DeFi) exchange. With a no-KYC policy, Ethereum-backed security, and cross-chain trading capabilities, Lunex Network aims to disrupt existing decentralized exchanges and usher in a new era of cross-chain interoperability.
- Revolutionary Trading: Unlike traditional DEXs that require users to connect third-party wallets like MetaMask and TrustWallet, Lunex Network allows traders to swap over 50,000 crypto pairs across multiple blockchains with a simple click.
- No Sensitive Information Required: The platform’s unique no-KYC policy enables traders to exchange cryptocurrencies without disclosing any personal information.
Additionally, Lunex Network’s ecosystem is powered by its native LNEX token, which provides attractive staking rewards for long-term holders. By reinvesting a portion of its profits into open market buybacks of LNEX, the platform can offer rewards of up to 18% APY to current holders. This strategy has already attracted a significant number of long-term investors, contributing to the token’s rising value.
Impressive Presale Results and Future Expectations
Lunex Network’s viral presale has raised nearly $550,000 in record time, and analysts believe that the token’s bullish momentum is just beginning. Currently, LNEX tokens are priced at just $0.0013 each, but expectations are high for a price surge in the coming weeks.
By the end of its presale stages, Lunex Network is projected to deliver a staggering 1800% return on investment (ROI) to early investors, with potential for another 100x rally once the project officially launches.
Conclusion
In summary, BNB and Monero are facing bearish pressure as investors increasingly turn their attention to Lunex Network’s promising presale. While BNB has shown some resilience with modest gains, the potential for profit-taking could lead to further declines. Monero’s recent delisting from Kraken has only exacerbated its challenges, highlighting the complexities of cryptocurrency regulations.
On the other hand, Lunex Network’s innovative approach to decentralized trading and its successful presale indicate a bright future ahead. Investors will be keenly watching how these dynamics unfold in the ever-evolving cryptocurrency market.
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