TenX (PAY) Moves Higher in July, But Can It Stand Ground?

The PAY digital asset spiked overnight on Monday following downward pressure in June, as the project lost its card backing and was left to reel.

TenX (PAY) market prices showed some signs of accumulation since the beginning of July, but Monday saw the token go through a proper pump. Now, the question remains whether PAY can keep up the levels above $1 and recover at least in part its previous positions.

PAY grew by more than 49% net overnight, reaching above $1.09 at 11:00 UTC, as volumes have picked up in the last few days. PAY is supported by volumes on Upbit and Bittrex, and lately saw trading activity slide as the bear market wiped out the market price.

https://twitter.com/smogm/status/1017673132054863872

But traders noticed the coin awakening a few days ago, with no clear reason of the continued pickup in prices and activity.

Once again, the chief source of speculation was an upcoming listing on Binance. Monaco (MCO) also had a bout of record trading right after the listing - but not before that. In that case, accumulating PAY would give a short-term exposure to a fast price rise. Binance listings usually arrive with immediate bot activity, taking the price briefly to much higher positions. However, there is no guarantee this will be the scenario for PAY. 

The other possible reason is that Bithumb, one of the chief exchanges where PAY is traded, has suspended new deposits following a hack around June 20. Thus, the supply of PAY was limited, and at one point the lack of supply took the price as high as $4.27, in a localized trading anomaly.

Bittrex trading also sees the pump continue, and it is possible bot activity and signals will amplify the effect in the coming hours. PAY has risen this way in the recent months, and the token has remained relatively flat in terms of BTC prices, its chief pairing. The biggest spike to above $5.60 happened during the token launch, with PAY losing positions for almost a year now.

The TenX project has not released immediate news, but only hinted at gaining another banking partner. The project was one of the first to offer a working crypto card, but was hurt by the VISA fallout with WaveCrest.