Bedex coin price rose marginally on Thursday, gaining 0.79 percent to trade at 0.0307 at the time of writing. The crypto coin has been on a five-day losing streak, with the steep decline sending it trading near five-month lows. Furthermore, its weekly losses add to 8.95 percent and monthly losses amount to 30 percent. Beldex’s strong selling point as a privacy-focused coin has failed to spark a price reversal in the face of a widespread crypto market decline.
The Beldex ecosystem consists of three main platforms built on the Beldex network, namely Bchat, the BelNet Beldex browser, and the Beldex Naming System (BNS). BChat is a decentralised messaging app that enables users to send messages and payments anonymously. BelNet is a privacy-focused VPN service that also enables users to access geo-restricted content. Like the other platforms, the Beldex browser enables users to browse privately, thanks to a decentralised VPN service
Beldex employs three burn mechanisms to reduce the number of BDX tokens in circulation and increase the token value. The burn can be either intentional, algorithmic or utility-based. The latter is already being implemented, and it involves burning of BDX generated from transaction fees. The Bern hard fork went live on the mainnet in February, introducing BNS, which is a mechanism that enables users to buy the BNS for BChat and BNS for Wallet.
However, despite proven utility in the Beldex ecosystem, the BDX coin price has failed to spark a proportional investor interest. Furthermore, it is notable that the coin has undergone a steep decline since the Bitcoin halving event, gaining on one out of the 12 days passed. This signals a wider divergence by BDX from the rest of crypto market.
Technical analysis
The RSI on Beldex price favours the buyers to be in control, but they will need to keep BDX above 0.0300 to sustain the upside. That could help build the momentum to break the next resistance at 0.0308 and potentially test 0.0313 in extension. On the other hand, moving below 0.0300 will point to control by the sellers, while support will likely be established at 0.0296. An extension of control by the sellers at the first support will favour them to break the support and invalidate the upside view. Also, it could result in a momentum to test 0.0292.
