YEREVAN (CoinChapter.com) — The PIXEL token’s value soared over 20% after its listing on Binance, catching the attention of the cryptocurrency world. This significant price movement can be attributed to several key factors, which are outlined below:
Binance Listing Boosts Visibility and Accessibility
The primary driver behind PIXEL’s meteoric rise is its listing on Binance, one of the largest cryptocurrency exchanges globally. This listing occurred on Feb. 19, significantly enhancing the PIXEL token’s visibility and accessibility to a broader audience of investors and traders.
Listings on major platforms like Binance often signal a vote of confidence in the project, attracting new participants eager to invest in what they perceive as a promising opportunity.
Increased Liquidity and Trading Volume
Following its Binance listing, PIXEL experienced a surge in liquidity and trading volume.
Introducing various trading pairs, including PIXEL/BTC, PIXEL/USDT, PIXEL/BNB, PIXEL/FDUSD, and PIXEL/TRY, facilitated easier trading and investment by a diverse group of market participants. This increased liquidity often leads to more dynamic price action, contributing to the token’s rapid price increase as demand outstripped supply.
As a result of increased liquidity, the PIXEL token’s trading volume surged to $1.2 billion, thus becoming one of the top ten most traded tokens since Feb. 19. That shows a strong underlying interest among traders for the token.
Market Speculation and FOMO
The Fear of Missing Out (FOMO) plays a significant role in cryptocurrency price surges.
The news of PIXEL’s listing on Binance likely triggered speculative trading, as investors rushed to buy the token in anticipation of further gains. This speculative frenzy, fueled by the fear of missing out on potential profits, can drive prices up rapidly, as seen with PIXEL.
Moreover, the initial success and buzz surrounding the listing may have attracted more speculative interest, amplifying the token’s price movement.
PIXEL Token Price Prediction 2024
The PIXEL token is a native, air-dropped token within the Pixels ecosystem, a social casual web3 game developed on the Ronin Network. That said, it serves as a currency for internal transactions, governance, and participation in various game-related activities.
The game itself emphasizes farming, exploration, and creation within an expansive open world, attracting a growing community of players and investors alike. This concept is similar to other blockchain-based metaverse and gaming projects, including Axie Infinity, ImmutableX, etc.
In 2024, most metaverse and gaming tokens have rallied due to an increasing risk appetite among traders. The upside sentiment has boomed after the launch of spot Bitcoin exchange-traded funds (ETF) in the U.S., as well as due to anticipations about interest rate cuts.
PIXEL token may benefit from the market’s overall enthusiasm in 2024. Technically, one cannot predict a long-term scenario considering the inherent risks of trading volatile cryptocurrencies. Nonetheless, the short-term scenario anticipates a period of consolidation within PIXEL’s prevailing ascending triangle range, as shown below.
A breakout above the triangle’s upper trendline enables the PIXEL token to pursue a rally toward $0.69 in the coming days. Conversely, a breakdown below the lower trendline risks sending its price to $0.53, down 11.5% from current price levels.
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