edited with imarkup

1.- The name of the token and introduction of the project. Technical background of the project and team in charge of the project. In which Exchange or exchange can be negotiated.

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Today I traded on a relatively new token and that is the BinaryX (BNX) token. Although it has quite an interesting fundamental analysis, I didn't trade it because of that. Nevertheless, I will give some fundamental data and statistics before proceeding with the technical analysis that prompted my trading of the coin for today.

Factors	BNX Statistics
BinaryX Price	$80.36
Price Change (24h)	$24.69 (44.35%)
24h Low / 24h High	$59.59 /$92.07
Trading Volume (24h)	$341,867,909.59 (670.43%)
Volume / Market Cap	2.05
Market Dominance	No Data
Market Rank	#306
Market Cap	$166,878,852.24

Name And Introduction Of Project/Token:-

The BinaryX is a cryptocurrency projector that is known for its creation of the CyberDragon which is a game available on the Binance Smart Chain (BSC) as a play-to-earn initiative. The BinaryX started as a decentralized protocol for the trading of derivatives but eventually metamorphosed into its new concept due to the fact that it intends to respond to the increasing boom and demand witnessed in the GameFi.

The latest project the BinaryX has embarked upon is the creation of the CyberDragon which is a metaverse game and comes with various elements associated with decentralized finance and is actually the classical representation of the MMORPG. Examples of these elements include the fact that the props that can be obtained as derivatives in the game come as NFTs. Equally, the players have the choice of deciding to either use PvE or PvP game modes in the gaming console.

In the CyberDragon players are usually rewarded by just playing the games. The Cyber dragon is the greatest boss of the game and the eventual goal is to defeat this ultimate boss. Players who succeed in this mission would usually receive treasure rewards from the Cyber Dragon. As has been stated, the vision of the BinaryX is to become recognised as a very inventive project in the GameFi sector and as well as being able to come up with innovative answers to the difficulties of blockchain gaming.

Traded Exchanges:-

Based on the data obtainable from coinmarketcap there are 24 different exchanges where the coin can be traded or purchased. It comes with different pairs and some exchanges have more than one pair of it. Some of these exchanges include:-

• Binance
• Gate.io
• PancakeSwap (V2)
• MEXC
• ZB.COM
• Tokocrypto
• CoinEx
• Biswap
• CoinDCX
• BKEX

Project Team/Technical Background:-

The founders or the developers of BinaryX are not known for now. However, some vague information is available concerning them. This is based on the interview they had with the Binance Exchange when applying for the listing of their coin. From the interview it was understood that the team possibly consists of senior experts in the blockchain industry that were drawn from an international community.

Apparently, the team has gained a lot of experience in the building of both decentralized and centralised exchanges and has knowledge of derivative assets management. It is believed that the team could be possibly a China-based venture due to the fact that there is a Chinese Wikipedia page attributed to them.

2.- Why are you bullish on this token today?

The coin has a great potential because it belongs to the class of nft gaming consoles coming to the blockchain industry. Since it was released on Binance as it has been in an impressive uptrend. However, the market was making a minor downward retracement for today.

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So, I was not actually trading in the bullish side but hoping to profit from the bearish retracement. Nevertheless, the coin is still showing a lot of promise and this is even confirmed by the fact that the price eventually continued in the major upwards direction today after the minor bearish retracement.

3.- How to analyze the token for an operation? You must compulsorily use methods and analysis learned in the Crypto Academy.

(NB:- as usual I am going to be using Tradingview to carry out my chart analysis on this section. My actual trades will be entered on the Binance Futures platform. Consequently, the prices you see on the tradingview chart may not correspond with those of Binance. However, the stop loss, take profit and entry levels are the same for both cases and are shown)

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Normally, I start with the multi-time frame analysis of the chart and for today's trading I started with the daily time frame analysis for the BNX/USDT crypto pair. On the daily time frame you will discover that there is an uptrend in the market and it currently produces a tremendous bullish spike in the price of the asset. Still, this is not informative on where to take a market entry. So, I have to go closer.

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In the 2 hours time frame you will discover that in spite of the fact that there is a major uptrend as is shown by the price being above both the blue coloured 25 period short-term EMA and the grey coloured 100 period long term EMA, there is an ongoing minor trend which is a bearish retracement. However, this retracement was a short-term price action since it was still above the two EMAs.

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Moving closer on the one minute time frame shows that the short-term EMA was now acting as a dynamic resistance for the price action which had gotten to a point of resistance in the bearish retracement and was about to continue downwards away from the 2 EMAs that had gone above the price action. As can be observed in the market the price reaches this resistance and bounces off from it. Here I took my sell entry.

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Haven taken my sell entry I set the stop loss above the resistance and set my take profit at the lowest point where the market had earlier found some support. However, I actually exited earlier than that when the market started showing some sort of ranging condition as can be seen in the chart.

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• The method I used is the scalping trading method. I increased the leverage to 20X to give me high profit on a short-term basis. The running profit is shown below.

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• The details of my trade as shown below:-

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4. Do you want to keep it for a long time? Or when to sell it?

I did not purchase the coin. Really, I just entered a short futures contract on Binance because I was anticipating the coin to continue downwards from where it was trading at the moment I intended to sell the coin at the upcoming support level that had been created in the market. This is not to say that I do not recommend purchasing or buying the coin.

In fact, there is a major uptrend going on in the BNX market. The downtrend was just a minor retracement which later gave way for the major uptrend to continue. So, anyone who wishes to purchase the coin can buy and keep it for a long time more especially because it has not been quite long since it was released and the asset has great potential because of its strong fundamental backing and use cases.

5.- Do you recommend that all people buy it? The reasons for recommending or not recommending it.

Actually, I would recommend people to buy the coin. However, I did not purchase the token but only traded it on a futures contract agreement with Binance Futures. Nevertheless, I believe there are several reasons in support of an impressive performance of the token for the same reason that the blockchain gaming console is getting a lot of attention and adoption.

The popularity of NFTs gaming tokens have exploded quite tremendously. In the third quarter of 2021 the trading volume for NFTs had reached $10.67 billion. That represents an impressive increase of over 700% from the second quarter of 2021. It has been uncovered by DappRadar that the major driving factor for these trading volumes that is skyrocketing is the fact that NFT games are beginning to get a lot of popularity.

Items generated inside several blockchain games related to any of NFTs had reached $2.3 billion in that same period in terms of trading volume. The BNX is in the group of these blockchain gaming consoles that has the opportunity of allowing users to mint NFTs. Consequently, its price is expected to skyrocket if it gains much adoption and it has not been performing badly since being launched on Binance this year as can be seen from the technical analysis.

6.- Any other important information of the token/project.

There is a lot of uniqueness to this particular project initiative and it has the goal of bringing together the best and most interesting players of the blockchain gaming console. It hopes to achieve this by creating various gaming scenarios with low barriers to entry and simple user interface.

Characters are created by players and this can go up the level when they consume gold which is a currency that can be obtained inside the game when daily mining or dungeon adventures are successfully completed. High-level jobs and new challenges can be unlocked as a user progresses. The character classes of players come in five different categories. Players can choose from any of these categories which include:-

• The Warrior category:- The warrior is known to have the highest strength and protects his teammates by guarding them.

• The Knight category:-The knight has aura skills which helps in getting more bonuses for all the members of the team.

• The Rogue category:-He is known to have the greatest growth in terms of agility and is able to avoid danger very well.

• The Ranger category:-The ranger has the ability to aid both himself and other team members to avoid any traps that may have been set by the enemy.

• The Mage category:-This category is known to be the highest in terms of intelligence and spirit and is equally known to be able to come up with magical equipment.

The different characters have several features which can include willpower, agility, intelligence, spirit, constitution and strength.

CONCLUSION

Today's trading section was a huge success. I chose an NFT gaming console that is based on the blockchain for my trading today. Although gaming consoles related to NFTs are still budding, the ones available have gained quite impressive popularity. This accounts for the high trading volumes they have been experiencing lately even when the rest of the crypto market is just recovering from the bearish season.

I traded the coin to the downside because the market was making a retracement which I hoped to benefit from. There is usually a major trend and a probable minor trend. The retracement was a minor trend in a major uptrend in the BNX market. I succeeded in making profit from the minor downtrend before the major uptrend continued in its course.