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Cocos BCX Breakout Analysis – BCX Pumps +36% in a Single Day on Binance
Cocos BCX just pumped up to +36% in a single day and surges over +56% in a week with a strong breakout on Binance & other Exchanges. Let’s take a quick look at the BCX price analysis and possible reasons for the recent breakout.
What is Cocos BCX?
Cocos-BCX is a public blockchain platform aiming to create a complete run-time environment for games with multi-game system compatibility, providing game developers a user-friendly platform for blockchain game development.
Cocos Quick Stats
| SYMBOL: | Cocos-BCX |
| Global rank: | 471 |
| Market cap: | $21,267,454 AUD |
| Current price: | $0.0005 AUD |
| All time high price: | $0.0031 AUD |
| 1 day: | +36.41% |
| 7 day: | +56.79% |
| 1 year: | +135.07% |
Cocos-BCX Price Analysis
At the time of writing, Cocos-BCX is ranked 471st cryptocurrency globally and the current price is $0.0005 AUD. This is a +56.79% increase since 9th January 2021 (7 days ago) as shown in the chart below.
If we see the above 1-day candle chart, Cocos-BCX did a strong parabolic breakout from the falling wedge pattern while trading sideways from the last few days around $0.00029 AUD price levels & is now heading towards its major resistance which is $0.0012 AUD. After BTC made a new all-time high in its price and Altcoins are also rising in a bullish trend, Cocos-BCX looks well-positioned to hit the next high price levels.
“The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge.”
What do the technical indicators say?
The Cocos-BCX TradingView indicators (on the 1 day) mainly indicate Cocos-BCX as a buy, except the Oscillators which indicate Cocos-BCX as a neutral.
So Why did Cocos-BCX Breakout?
The recent rise in Bitcoin over +300% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason for this sudden pump in price could be the whales secretly buying Cocos-BCX for the next Altcoins rally & it could also be contributed to some of the recent news of the Cocos Reduction Plan.
Recent Cocos News & Events:
- 04 October 2020 – DeFi Map
- 13 October 2020 – September Monthly Report
- 04 November 2020 – AMA Session
Where to Buy or Trade Cocos-BCX?
Cocos-BCX has the highest liquidity on Binance Exchange so that would help for trading Cocos/USDT or Cocos/ETH pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
Author
Malik Junaid
Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.
