In recent listing news, Binance has caused many altcoins to experience impressive rallies. Following the listing on Asian exchanges, Binance futures listing has become a favorite of speculative traders. So, which altcoin does the latest announcement concern and what should investors pay attention to?
Tomorrow, STRAX will be listed on Binance Futures with 10x leverage. Recently, many altcoins have seen massive increases with futures listings. Traders trying to short at the right level were caught off guard by persistent rallies. With today’s announcement, we may expect a similar movement for STRAX Coin in the next 48 hours. As of the time of writing, STRAX Coin is continuing its day with a 44% increase.
Three days ago, we read the news about a whale buying STRAX Coin on Upbit exchange. This momentum-driven increase caused the price to rise up to $0.875 on October 7. Despite the subsequent BTC decline, which pushed the price down to $0.565, today’s news indicates that the rally may continue.
On the four-hour chart, $0.76 appears to be a good support level. If the price can hold this area, it may target $0.87 and $1.02. Moreover, this rally also opens doors to the best levels since the week of June 27, 2022. Bulls will also consider taking advantage of the upward trend and aiming for new highs.
On the other hand, a close below the support level of $0.65 and $0.57 is expected to lead to a decline. If the price closes below $0.57, there is a risk of returning to the starting point, around $0.46.