Repost: BNX personal analysis and trading suggestions.
Last year, I notified my fans in the group to open positions for the BNX token at around 0.298. Later, my friends in the media suggested that I also publicly call for orders, so I publicly called for BNX twice, around BNX0.4 and around 0.51.
Because I was in a hurry at the time, I did not write my personal analysis and trading suggestions together. I was urged many times, so I made up for it today.
Let me first talk about the BNX token. BNX is the community governance token of BinaryX. This token is also very popular. BinaryX started as a decentralized derivatives platform, but because the popularity of the metaverse and blockchain games became popular that year, it transformed into an IGO platform for GameFi and blockchain games.
At the beginning of BinaryX, the first blockchain game released was Cyber Dragon, which became popular due to the popularity of blockchain games. However, due to the excessive bubble of blockchain games, some projects experienced bubble bursting, resulting in a collective collapse of blockchain games in an instant, and many blockchain game project tokens trampled on each other, causing a sharp price drop.
BNX also remained silent for a while after that, and completed the token split, improving its own liquidity.
Reasons for recommendation:
The first reason is still the endorsement brought by Binance. Binance is currently the world's largest crypto exchange, and BNX was also a project that Binance supported very much at the time, and it also achieved good results that year.
The second reason is the blockchain game sector. I personally think that the blockchain game ended hastily in the last round of bull market. Although several hot projects broke out, the real deep cultivation has not yet started, and after two years, the change of blockchain technology may be more conducive to the development of blockchain games. Therefore, blockchain games are still a good potential sector in the future bull market.
The third reason is that as a token in one of the hot sectors, BNX itself is in an oversold stage, and after the hype of Bitcoin ETF last year, although it rose, the overall increase was not large. When I anchored this token and decided to build a position, the price just broke through the daily EMA200, which I considered an opportunity.
The fourth reason is that after the Cyber Dragon became popular, BNX also split the token, which means that this token has not been abandoned, so the biggest potential of the blockchain token is empowerment.There are many narratives that can be empowered from chain game tokens to the chain game platform. At present, with basically 0 empowerment, it can be used as a mid-line holding token.
And when I first opened a position, I got the news that BNX was going to launch the first IGO game, which solidified my idea.
The fifth reason is that when I opened the position, the market value of BNX was only about 80 million, and the fully diluted market value will be less than 600 million at that time. This means that in the current bull market or bullish environment, it will be compared with many previous chain game agents. Coin project, its market value at that time was completely underestimated, and its room for growth was not small. At that time, my goal was to first see around 1 US dollar, which was simply more than 3 times. That is, the target was a market value of around 400 million and a diluted market value of around 2 billion. It was not high at all and there was not much pressure.
The sixth reason is technical. When I opened a position for the first time, the price had just moved above the daily EMA200 position. I thought that the short-term EMA200 might be a strong support, so I decisively chose to open a position and planned to call back to EMA200 to cover the position. The result was because of the game. Empowerment, the price directly rose for a wave, and then fell back. When it was around 0.4, it was because the price never fell below the middle line of the daily Bollinger Band in the short term, so it chose to place an order again to build a position.
The most recent time when a position was opened, around 0.51, Bitcoin fell and fluctuated several times. Except for the first injection, which caused a rapid short-term decline, the rest were basically unable to fall. If it fell a little, Bitcoin would stabilize as soon as it stabilized. Rebound and rise. The vicinity of 0.51 happens to be the middle line of the daily Bollinger Bands. As soon as it breaks through and stands firm, I think it is an opportunity to build a position.
The seventh reason: This reason is a bit of an afterthought. In addition to the first time I opened a position, I observed the trading volume data and the rising process many times. I came to the conclusion that there are not many external chips at present, so it is stable during the rise. There is obviously less selling pressure when takers rise in shock. During this period, if there are profit-making orders and people leave the market, they will be quickly pulled back by takers bit by bit. This also solidified my determination to open positions twice in the future.
But in the end, I think the biggest reason why I can lead many people to reap the profits of BNX is my expectations.
After I anchored BNX, every time I told fans or self-media to open a position, I said that this token is for medium-term holding. After opening a position, if it falls, it will only cover the position, not cut off the flesh. If you can't hold it, , then don’t open a position.Therefore, every washout after opening a position is an opportunity for me to cover my position, and I will not panic.
Of course, I did underestimate the strength of BNX. I didn’t expect that it only took a few months to go from 0.298 to the current position. Very pleased.
Profit target:
For BNX, my personal goals may be divided into three stages:
In the first stage, Bitcoin production reduction is implemented, and profits will be taken depending on the situation. This is for traders who consider short-term holdings.
The second stage is around $1, which is also my original conservative expectation. The market value will reach about 500 million, and the circulating market value will be about 2 billion, which is a mid-term goal.
In the third stage, because BNX is currently in a trough stage, I can expect it to have better development and empowerment in the future, so I will consider a higher market value and circulation market value. In terms of time, I will also see a real bull market stage. However, this goal has certain risks, so you should consider it carefully.
In the future, I may use this model to recommend currencies. I don’t know if everyone will find it too wordy and troublesome. I think sharing my reasons and opinions in this way may avoid overly subjective judgments.
Of course, if I accept the Guangzifa token project in the future, I may write more colorfully, so everyone should know it.
