BinaryX (BNX) has emerged as the market’s top gainer today, surging 41% in the past 24 hours. The altcoin currently trades at $1.75, noting a 412% uptick in daily trading volume during that period. 

The rally comes as traders position themselves ahead of the highly anticipated BNX-to-FORM token swap, scheduled for March 21.

BNX Gains Momentum as Traders Bet Big Ahead of Token Swap

BinaryX launched the Four.Meme platform on July 3, 2024, and later rebranded to Four for a more cohesive identity. However, due to the widespread use of FOUR in the meme coin community, the team opted to change to FORM, announcing a 1:1 token swap from BNX to FORM scheduled for March 21. 

As the market awaits this swap, traders have increased their accumulation of the BNX token. This is reflected by the altcoin’s open interest, which has climbed 33% in the past 24 hours and stands at $96 million at press time.

Open interest tracks the total number of outstanding derivative contracts, such as futures or options, that have not been settled. When it rises during a price rally like this, it indicates increasing market participation. It signals the bullish conviction among BNX holders as more traders open new positions to capitalize on the upward momentum.

Moreover, its funding rate is also positive, supporting this bullish outlook. This is currently at 0.339%. 

The funding rate is a periodic fee exchanged between long and short traders in perpetual futures contracts to keep prices aligned with the spot market. A positive funding rate such as this means long traders are paying short traders. It indicates strong buying pressure among BNX traders and confirms the bullish sentiment in the market.

BNX Trades Above Key EMA—Can Bulls Push It Past $1.85?

BNX trades above its 20-day exponential moving average (EMA) at its current price. This key moving average measures an asset’s price over the past 20 trading days, giving more weight to recent prices to help identify short-term trends.

When it sits below an asset’s price, it is a bullish signal suggesting that the market is in an uptrend and buyers are in control.

If BNX buyers strengthen their control and demand soars, they could drive the altcoin’s price past the resistance at $1.77 and toward $2.19.

However, if selloffs gain momentum, BNX could shed its recent gains and plunge to $1.77.

PancakeSwap (CAKE) has increased 40% in the last 24 hours, and its revenues have climbed to $19 million over the past seven days, behind only Tether, Circle, and Jupiter.

The recent price surge comes as bullish technical signals continue to build. CAKE’s RSI has reached its highest level since 2023, while Ichimoku Cloud and EMA indicators point to further upside potential. Here’s what’s behind CAKE’s rally and the key levels to watch next.

PancakeSwap RSI Has Surged To Its Highest Levels Since 2023

CAKE’s RSI is currently at 89.6, up sharply from 25.1 just one week ago, marking its highest level since November 2023.

This significant increase suggests strong recent buying pressure, pushing the momentum indicator into extreme territory.

The Relative Strength Index (RSI) is a widely used momentum oscillator that measures the speed and magnitude of recent price changes.

It ranges from 0 to 100, with readings above 70 generally considered overbought and readings below 30 seen as oversold.

CAKE’s RSI of 89.6 signals that the token is deep in overbought territory. This could suggest that the price is at risk of a short-term correction as traders might start locking in profits.

However, during strong bullish trends, assets can remain overbought for extended periods before reversing.

Ichimoku Cloud Shows A Strong Bullish Setup

CAKE has broken decisively above the Ichimoku Cloud on the chart, marking a strong shift to a bullish trend.

The Tenkan-sen (blue line) has crossed above the Kijun-sen (red line), a classic bullish signal, while the price remains well above both lines, confirming strong momentum.

The future cloud has turned green, indicating that bullish sentiment could extend in the coming sessions.

However, with the price now significantly distanced from the cloud and the support of the Tenkan-sen, a short-term correction or consolidation could occur before further upside.

CAKE Could Rise Above $3 Soon

CAKE’s EMA lines are showing signs that a golden cross could form soon, indicating a potential shift to a sustained bullish trend as the BNB ecosystem continues to attract attention.

If this crossover takes place, it could provide the momentum needed for CAKE to test the resistance at $2.65. A breakout above this level could open the door for further gains, with the next key targets at $2.95 and $3.41.

However, if the uptrend fails to hold and the momentum fades, despite PancakeSwap still being the most dominant DEX in the BNB chain, CAKE could retrace toward the support at $2.33.

A break below this level may accelerate the correction, with additional downside risk toward $1.85 and potentially $1.38.

Bitcoin ATMs may be on the verge of a worldwide crackdown, as several governments have taken action against these kiosks.

Although none of these individual actors have started a full-fledged attack, they all mentioned rampant criminal activity. Increasing regulatory acceptance may cause pressure on the industry to excise some areas of interest.

Are Bitcoin ATMs Becoming Illegal?

Bitcoin ATMs, an oft-overlooked onramp to the crypto space, are facing regulatory crackdowns across the globe. These kiosks have been used to facilitate massive scams in recent months, and several jurisdictions are looking to restrict them.

Earlier today, law enforcement from New Zealand claimed that it “urgently” requires more information about Crypto ATMs. In a National Risk Assessment, the New Zealand Police mentioned these devices 30 times.

It claimed that Crypto ATMs are used in fraud, drug trafficking, money laundering, extortion, and more. Neighboring Australia announced its own ATM crackdown last December.

Across the ocean, other Western nations have joined the effort. In previous years, the United Kingdom has launched crackdowns of unregistered Crypto ATMS, and initiatives may be starting again.

Recently, a court in London sentenced a man to four years in prison for running unregistered ATMs, which the presiding judge called “an extremely serious offense.”

In Scotland, a local police department may also be laying the groundwork for an anti-ATM crackdown. Glasgow’s police department warned the town’s citizens about potential scammers.

The warning listed several ways that nefarious actors may convince a victim to withdraw their assets or otherwise steal them outright.

US is Passing New Bills to Regulate Crypto ATMs

One incident in Nebraska is particularly concerning. Although the state government isn’t planning a full crackdown on Crypto ATMs, its governor recently signed a bill that tightens regulations against them.

This new law introduces transaction limits, licensing, and reporting requirements, requires kiosks to appoint compliance officers, and more.

“Cryptocurrency is an important, emerging industry, and we’ve been working hard to build Nebraska into a cryptocurrency leader. An important part of these efforts is to make sure that we have guardrails to prevent criminals from taking advantage of Nebraskans. We look forward to continuing to lay the groundwork for a safe and robust crypto industry,” claimed Governor Jim Pillen.

Pillen’s enthusiastic support of this bill is particularly noteworthy because he is a Republican. Although Donald Trump’s Presidency has aligned his party with the crypto industry, there is noticeable dissent in the ranks.

Nothing Pillen has done has already signaled a crackdown on Crypto ATMs, but it shows that politicians may act against the industry.

All this is to say, Crypto ATMs may be in the crosshairs of a worldwide crackdown going forward. None of these incidents alone shows an immediate desire to curtail this industry.

However, on all of them, Bitcoin ATMs are being singled out for alleged criminal activities. If these kiosks get a worldwide association with crime, it may cause irreparable harm to their reputation.