[Here is the Original Link which expired[GMT/USDT TRADING- BUY] Crypto Academy Trading Competition - S6T4 | TEAM REMINANE
Greetings friends, I'm glad today to join the academy trading competition through TEAM REMINANE. Today, I traded the Green Metaverse Token (GMT) and below are my analysis and research about the project, thanks for patiently going through.
The name and introduction of the project token, which exchanges it can be traded on, project / technical information of the coin/ team background, etc.
The GMT which is the of STEPN was created by a Fintech studio that is situated in Australia which has a decentralized financing alliance cohort in Gaming. As an accolade, they won the Ignition Hackathon Game in 2021.
The platform was designed to function on a Web3 app with game designs and social components. Its users possess NFT Snickers which are used in gaming in the system to earn new sneakers.
Participants in the platform buy the GMT to burn as to partake in the activities provided by STEPN platform which includes: Participating in Governance voting, minting of high quality sneakers, upgrading of high quality Gems.
Exchange the GMT can be traded on
The exchanges it can be traded on are enumerated below but not limited to:
Technical information of this token
A technical portrayal of this token indicates that the GMT has a market capitalization of $617.148m, 24hr trading volume of $1.20Bn, maximum supply of 6Bn, circulating supply of 600m, all time high of $1.059 and all time low of $0.1003
GMT 24hrs Trading Chart
From the screenshot above, using a 24hr time frame we can observe that the GMT is currently in a strong bullish trend although I took it within the day.
Why are you optimistic about this token today, and how long do you wish it can rise?
Really, I have always loved seeing the crypto market in its greenish state and today, I'm very optimistic that this token is bullish where all manner of traders can actually benefit from, whether you are a spot trader, future trader, margin trader etc. So long as one trades strategically on the bull, profitability stands inevitable.
How to analyze the token? (This can include technical analysis and trading strategies learned from professor's courses) - This section is very important.
There are specifically two modus operandi used in the analysis of any token and these are fundamental and technical analysis. But as a matter of importance and urgency, I prefer analyzing tokens technically because of my manner of trade as a scalper that trades on futures.
Nonetheless, I will be analyzing this token using a few technical measures and finally displaying those means practically to our perusal using a minute time frame.
First I will be deploying a trade line. We know that when a particular trend has crossed a trend line, it normally takes the opposite trend if actually the trend is in consensus with the trend line. In this case, I will be drawing the trend line in a downtrend to determine its possibility of reversing to the bull.
Secondly, I will also employ the MACD and we will attest to the fact that while the MACD takes an upper chart, it is an indication of either a short bull or the beginning of an uptrend. However, when the lower chart of the MACD is in dominance, it is an indication that price action is devaluing.
Lastly, I will also employ the RSI tool. It is also good to note that at about 30% and below of the RSI, it has the certainty and tendency to reverse to the bull while at about 70% and above of the RSI, the price action has every certainty to reverse to the bear or take a short bearish trend.
Nevertheless, the screenshot I'm about to use is measured in a minute time frame, It was taken in the early hours of today and I will be analyzing this token in a buy trade scenario.
From the screenshot above, we can observe that the current trend is bullish, now drawing a trend line indicating that the bear position has elapsed while the bullish trend is currently in dominance.
I took a buy position while the MACD is currently in a strong upper chart position and the RSI coming up from its overbought area but around 40% while the price chart tried making a retest of its previous higher high position, so I entered and set my risk reward to 1:1
Hence, I was able to make about 14% profit from the trade position even as seen from the screenshot above.
Finally I made a profit of $0.33 as seen from the screenshot above.
Your plan to hold it for a long time or when to sell.
I don't hold tokens for long because of their volatile nature moreso, I don't trade on spot as I hold all my tokens as USDT Coin. Nevertheless as a scalper that trades on strategic market positions, I don't plan holding this token for a longer period as I laid it off after making some profit from it even as indicated above, although I would have made a bigger gain if I had hold for a longer period if it were to be on spot wallet because I bought it while the price was $0.7 but it later skyrocketed to $1.
Do you recommend everyone to buy this token? Give reasons for your answer.
Although I am not a sophisticated trader, I would advise other traders to buy this token because of the current condition of the crypto market where virtually all tokens are bullish and currently we can see that this coin was able to scale upto 30+ percent for today and who knows what the future holds for it.
Moreso a closer observation of the Bitcoin indicates that it currently has a strong market support and since its price affects every other cryptocurrency, it is advisable to buy the GMT token which is also influenced positively by the rising of the Bitcoin.
Any other thing you might want to share about this coin/token.
Yes! We all know that the crypto market is highly volatile and stochastically incongruent. Therefore let everyone trade this token with caution whether as a spot trader or a scalper against taking irrelevant losses as it may take a very strong bear thereby inflicting great loss to traders who may be buying it later.
Due to the uncertainty in the crypto market, I would advise that every trader should trade cautiously with indicators that he/she is familiar with against unnecessary depletion of assets. Moreso if you are a spot trader, try to use a long time frame to see if your entry position for an asset will be profitable and as a scalper, always use a short time frame possibly one minute while setting a good time management or observing your trade yourself if you have a good network system in your cellphone or any device at all you are In control of.