Cryptonex's 0.37% Price Increase to $20.23: Key Takeaways for August 31, 2023

Cryptonex's price has seen a slight 0.37% increase over the past hour, bringing it to $20.23 at the time of writing. While this may seem like a small gain, examining the broader trends around Cryptonex reveals some interesting insights.

In the past 24 hours, Cryptonex has seen trading volume of $1.66 million. This is a significant amount compared to the market capitalization of $2.17 billion, indicating decent liquidity and trading activity. Over the past day, Cryptonex has remained relatively flat, with only a 0.12% decrease.

Zooming out further, the past 7 days paint a more positive picture. Here Cryptonex has posted gains of 3.07%, showing bullish momentum returning to the market. However, on a 1-month timeframe, Cryptonex is still down 6.95%. This indicates that longer term selling pressure remains.

Taking an even broader perspective, the past 6 months are where Cryptonex shines. It has rallied an impressive 19.34% during this timeframe as part of the wider altcoin market growth. Now Cryptonex seems to be taking a breather and consolidating these gains.

Looking ahead, Cryptonex remains in an uptrend on the higher timeframes. It has found support above $20 and needs to break resistance around $21 for the next leg higher. The key levels traders are watching are the 50-day moving average at $19.50 and the 200-day MA at $18. With prices holding above these key averages, the uptrend remains intact.

Will Cryptonex Reach New All-Time Highs in 2023?

With Cryptonex up 19.34% in the past 6 months, many traders are wondering if new all-time highs are possible this year. Cryptonex hit its record price of $24.51 back in December 2021 during the peak of the crypto bull market. For Cryptonex to surpass this, it would need a rally of over 20% from current levels.

Based on the current market structure and trends, new highs look achievable for Cryptonex in 2023. The first half of 2022 was brutal for the crypto market, with prices crashing and sentiment extremely negative. However, the market now appears to have bottomed and found a base.

Leading indicators like stablecoin supply and exchange reserves suggest capital is ready to flow back into crypto. And with prices still 70-80% below their highs, there is plenty of upside potential. As altcoins start moving, Cryptonex looks poised to benefit. Its on-chain metrics and developer activity remain strong.

Additionally, from a technical perspective, Cryptonex is trading in a secular uptrend making higher highs and higher lows. This is the first time since the bear market that this uptrend remains intact, increasing the chances of new highs. As long as bitcoin holds above $20k, the macro backdrop remains constructive for fresh all-time highs across altcoins.

What Price Levels Should Cryptonex Bulls Look to Target?

For Cryptonex bulls looking to target new highs, the key price levels to watch are $22, $24.50, and $27.

The first target is the psychological $22 level. This would represent a breakout of the current range and confirmation that the uptrend is resuming. The next major resistance level comes at the all-time high of $24.50. Conquering this historic level will create FOMO and require a clear break in market structure.

Finally, if Cryptonex can decisively flip the old ATH to support, traders should aim for a 1.618 Fib extension which brings the $27 price target into focus. This lines up with overbought readings on the RSI and projected tops of bullish ascending channels.

In terms of timeframes, Q4 2022 looks optimal for Cryptonex to retest highs based on current momentum. However, the rally may extend into early 2023 before reaching overbought levels. Cryptonex bulls should remain patient and let the price action confirm each breakout before targeting new upside objectives. Upside projections could be revised even higher if the crypto market sees parabolic gains next year.

Conclusion

In summary, while Cryptonex has seen a slight 0.37% gain over the past hour to $20.23, the broader technical backdrop remains constructive. Recent consolidation sets the stage for continuation higher as Cryptonex trades firmly within a secular uptrend. The path of least resistance appears to be to the upside, with new all-time highs in sight over the coming months. Patient bulls should use dips as buying opportunities, targeting the key price levels outlined above on the way to fresh highs.