Beldex Coin Price Prediction: The Downside Prevails On Wider Market Decline

Summary:
• BDX coin price declined on Wednesday, but its volatility means it could bounce back to the upside. However, resistance at $0.055 persists.

Beldex coin price extended its loss-making streak to the third successive day on Wednesday, dropping by 2.2 percent to trade at $0.048 at the time of writing. The coin gained more than 47 percent in a single day a week ago, but finds itself in a familiar whipsaw path once again.

The latest decline comes amid a wider cryptocurrency market decline that saw the market capitalisation drop by 5.5 percent in the 24 hours leading to this writing. Nonetheless, many of Beldex coin holders are still in profit, with YTD gains of 46.9 percent and monthly gains of 5.2 percent.

To a great extent, BDX holders have familiarised themselves with the Beldex coin price, but its long-term trading below $0.055 level signals a limiting factor. The asset has only broken above that ceiling only five times in 2024. However, it is still among the most volatile crypto assets, making it an attractive investment for its loyal community.

However, Beldex has failed to grow its user numbers, with its preposition as a privacy-focused coin failing to draw the expected traffic. The BDX 24-hour trading volume was down by 3.4 percent at the time of writing, placing it at position 1063 in crypto rankings.

Momentum indicators

On the 2-hour chart below, the momentum indicators signal control by the sellers. The Beldex coin price has attempted moving below the 200-EMA, underlining the bearishness. Also, BDX 20-EMA ($0.051) has recently crossed below the 50-EMA ($0.052), adding support to the downside view. Meanwhile, the RSI indicator reading at 36 adds to this view.

Support and resistance

The 30-minute chart suggests continuation of the downside if the BDX price stays below the 0.0515 pivot mark. With the sellers in control, we could see the establishment of the first support at 0.0507. However, extended control by the sellers could result in the breach of the support, with the resulting momentum potentially driving the price lower to test 0.0500.

On the other hand, a move above 0.0515 will favour the buyers to take control, with the first resistance likely to be encountered at 0.0520. But if they extend that control, the resulting momentum could break above that level and test 0.0525.