Binance BNB price slips as Lunex Network’s no-KYC trade fluidity ropes in XMR patrons

BNB and Monero face bearish pressure as investors shift to Lunex Network’s presale, raising nearly $550,000 in under a week.

BNB and Monero are both facing strong bearish pressure after their recent price declines. As BNB and XMR investors book profits. They are now turning towards Lunex Network’s viral presale that has already raised nearly $550,000 in less than a week of its launch. 

BNB short holders might book profits soon

Although BNB failed to trigger a bullish breakout at the end of September, the token still recorded modest 8.67% gains over the last 30 days. As the broader crypto market heads into Q4’s bull market, BNB is expected to see more bullish momentum in the upcoming weeks. 

For now, BNB price is trading for $551.90 after an intra-day increase of 2.72%. Since BNB’s volume has decreased by 11.86% in the last 24 hours, investors appear to be holding their BNB tokens for now. However, according to Coinglass data, BNB’s long-to-short ratio is currently 0.97 which indicates bearish pressure. If BNB short holders start booking profits, BNB’s price could experience a significant downtrend in October. 

Monero faces bearish pressure after Kraken’s delisting

Monero was recently delisted from the Kraken exchange in European countries due to new security regulations. As a consequence, Monero’s price immediately declined by more than 10%, pushing the token’s price below $150. Since Monero’s on-chain metrics are also hinting at bearish dominance, Monero’s price could experience more disruption in the upcoming weeks. 

Monero is currently trading for $145.48 after a 10.88% intra-week decrease. Although Monero’s community sentiment is still bullish, analysts expect to see a sell-off soon as Monero is flashing strong sell signals on the XMR/USDT daily chart. If profit-taking ensues, Monero could fall to the critical $143.28 support soon. 

Lunex Network’s no-KYC DeFi exchange draws new investors in presale stage 2

Lunex Network is the source of all the bullish hype in the market due to its new cross-chain DeFi exchange. With no KYC checks, Ethereum-backed security, and cross-chain trading, Lunex Network is all set to overthrow existing decentralized exchanges and kickstart a new era of cross-chain interoperability. 

While traditional DEXs require traders to connect third-party wallets like MetaMask and TrustWallet to swap cryptos across different blockchains, Lunex Network is solving the problem with its revolutionary DeFi exchange. On Lunex Network, traders can swap 50,000+ crypto pairs across blockchains with the click of a button. To make things even better, traders can exchange cryptos without providing any sensitive information since Lunex Network has a unique no-KYC policy. 

Since Lunex Network’s ecosystem is powered by the platform’s native LNEX token instead of third-party cryptos, Lunex Network also offers attractive staking rewards to long-term holders. By reinvesting a portion of its profits into open market buybacks of LNEX, Lunex Network distributes rewards with up to 18% APY to current holders. Since these investors can also add more tokens to their staking portfolios without losing their initial APYs, Lunex Network already has a significant number of long holders who are driving the token’s price to new heights. 

Lunex Network’s viral presale has already raised nearly $550,000 in record time, but analysts believe the token’s bullish upswing is just getting started. For now, LNEX tokens are selling for a low price of only $0.0013 each before the much-anticipated price surge next week. By the end of its presale stages, Lunex Network is expected to deliver a massive 1800% ROI to early investors before another 100x rally post-launch.

For more information, visit the Lunex Network official website or join the online community for the latest updates.

This article first appeared at crypto.news