GMT/USDT - Accumulating a solid rounding base
STEPN (GMT) is a fascinating play-to-earn project where you can earn tokens by walking or running. If you want to play, you must purchase special NFT shoes in their marketplace. It's a fascinating project; definitely check it out.
At its peak, the app had around 700,000 users. This has collapsed since the bear market started, but the project already showed solid potential for the future.
There is no fundamental news to drive the price higher (at least not that I know of). The trade is solely based on price action. I also like the trade idea because there is very little risk involved. The stock markets have climbed significantly, and I believe they are due for a correction; they would then most likely drag crypto down with it. Therefore, I was looking for a trade with sound risk/reward features.
So, as I indicated on the chart, GMT climbed over its 50-day simple moving average while also creating a solid rounding base. The token already started climbing towards the potential entry point (purple line). I suggest setting the stop loss at the same place as the entry or a few cents below that level. There is a high chance of being whipsawed off of the trade, but that is the price to pay for a low-risk trade. The most desirable scenario is a strong breakout on volume where the price would not look back. The closest profit target I identified was 1.5$ (green line) but adjust it as you see fit. The green profit line would give us almost a 30% return.
Happy trading!
Best wishes,
Dollero Exchange
At its peak, the app had around 700,000 users. This has collapsed since the bear market started, but the project already showed solid potential for the future.
There is no fundamental news to drive the price higher (at least not that I know of). The trade is solely based on price action. I also like the trade idea because there is very little risk involved. The stock markets have climbed significantly, and I believe they are due for a correction; they would then most likely drag crypto down with it. Therefore, I was looking for a trade with sound risk/reward features.
So, as I indicated on the chart, GMT climbed over its 50-day simple moving average while also creating a solid rounding base. The token already started climbing towards the potential entry point (purple line). I suggest setting the stop loss at the same place as the entry or a few cents below that level. There is a high chance of being whipsawed off of the trade, but that is the price to pay for a low-risk trade. The most desirable scenario is a strong breakout on volume where the price would not look back. The closest profit target I identified was 1.5$ (green line) but adjust it as you see fit. The green profit line would give us almost a 30% return.
Happy trading!
Best wishes,
Dollero Exchange
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