MoonX price rises over 650% weeks after debuting on PancakeSwap; what’s behind the rally?

MoonX, MoonX price rises over 650% weeks after debuting on PancakeSwap; what’s behind the rally?

MoonX, a hyper-deflationary utility token, rallied over 650% more than three weeks after debuting on PancakeSwap’s decentralized exchange (DEX).

The Binance Smart Chain-based cryptocurrency traded at $0.336 as of 2105 UTC, Tuesday, down 8.85% into the intraday session. The correction followed a wider selloff trend that began after hitting a record high of $0.425 on Oct. 24, 2021.

MoonX/USD daily price chart. Source: TradingView
MoonX/USD daily price chart. Source: TradingView

A press release shared by the MoonX team with CoinChapter noted that the token’s market cap reached $1.9 million as its price hit a record high. That came out to be eight times higher than MoonX’s opening market valuation of $250,000, indicating a rising investment appetite for the cryptocurrency among early-stage investors.

But the overall uptrend met serious bearish corrections, majorly due to profit-taking sentiment among traders with short-term risk appetite. But each dip also brought fresh buying opportunities for investors with a long-term mindset, resulting in an equally sharper rebound, as shown in the chart below.

MoonX/USD 12-hour price chart. Source: TradingView
MoonX/USD 12-hour price chart featuring ascending parallel channel setup. Source: TradingView

As a result, the MoonX price now eyes another upside retracement as it tests critical rising trendline support that constitutes an Ascending Parallel Channel setup. That said, a rebound from the current level expects to push MoonX towards the Channel’s resistance trendline, thus ensuring a new record high for the token.

MoonX Macro fundamentals

At the core of MoonX’s incredible three-week rally is its promise of revolutionizing how crypto traders manage their portfolios. In detail, the token aims to become a part of an ecosystem that enables cross-chain token tracking — be it BEP-20 or ERC-20 standard native assets — in one place.

It happens as MoonX’s partner platform ProjectX allows users to connect their crypto wallets with its single user interface. As a result, users access price action, market updates, the latest news, and whatnot to make smarter portfolio management decisions.

MoonX takes a step forward to include more services under its umbrella, including a token launchpad that introduces adequate barriers to projects carrying higher risks of fraud or the so-called “rug pull” scams. As the MoonX team noted, they would mandate developers to go through a rigorous KYC procedure and lock liquidity in their fund pool to avoid pump-and-dump scams.

“That way, if there are any issues that arise with a token that launches on the platform, there are funds available to help investors recover some of their losses,”

a MoonX representative told CoinChapter.

Additionally, MoonX also plans to offer escrow services for vendors working with developers to ensure services are properly rendered before payment is remitted. In doing so, the team aims to build a safe ecosystem where developers can build without FUD, investors never have to worry about rug pulls, and projects can source reliable service providers to help them grow.

MoonX also has plans to launch its nonfungible token (NFT) collection, followed up by strategic partnerships to build an interactive metaverse.

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