GMT: is it a new x100 coin? Stop fooling yourself!
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Stepn (GMT) is a new game-fi project, which immediately attracted the attention of traders and investors. Its total capitalization is $1.6 billion.
On the chart we see 2 accumulation zones:
1. $0.62-0.85.
2. $2.05-$2.9.
After the first accumulation GMT rose by 264% after the breakdown of the accumulation zone. Now it is in a similar situation. Accumulation has continued for more than 2 weeks. If we use classic technical analysis, we should see a repeat of the 230-250% rise to $10-12. The price can go even higher. We've all seen Solana go up by 10,000%!
But I will share with you an alternative point of view. 2.92-3.30$ is the strongest resistance zone for the price:
1. ATH is an important key level
2. a possible trap for retail traders who will buy on a breakout of second accumulation zone
After a false breakout of second zone, price could pullback under the accumulation zone, liquidating and collecting long traders' stop-lossed. After such massive liquidations, a LONG trade can be opened with better risk to reward (RR).
While I was making this idea, GMT rose by 10%, so let's check our TWO hypothesis.
Friends, press the "like" button, write comments and share with your friends - it will be the best THANK YOU.
P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.
On the chart we see 2 accumulation zones:
1. $0.62-0.85.
2. $2.05-$2.9.
After the first accumulation GMT rose by 264% after the breakdown of the accumulation zone. Now it is in a similar situation. Accumulation has continued for more than 2 weeks. If we use classic technical analysis, we should see a repeat of the 230-250% rise to $10-12. The price can go even higher. We've all seen Solana go up by 10,000%!
But I will share with you an alternative point of view. 2.92-3.30$ is the strongest resistance zone for the price:
1. ATH is an important key level
2. a possible trap for retail traders who will buy on a breakout of second accumulation zone
After a false breakout of second zone, price could pullback under the accumulation zone, liquidating and collecting long traders' stop-lossed. After such massive liquidations, a LONG trade can be opened with better risk to reward (RR).
While I was making this idea, GMT rose by 10%, so let's check our TWO hypothesis.
Friends, press the "like" button, write comments and share with your friends - it will be the best THANK YOU.
P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.
Note
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Note
Friends, thanks for the likes and comments! I decided to make an update for you!
At the moment we can see:
1. price has breakout the all-time highs(ATH) and the big players haven't made a trap yet!
2. price has tested the key level as support and continues to be above the key $3.13 level.
3. GMT tested the trend line as a support.
4. Bitcoin looks bullish and could pull all altcoins up.
If we look locally, the price on the lower timeframes creates a bullish pennant with a target of +53% to the $4.8-5 area. Such patterns on the cryptocurrency market are often work with manipulations, but we have to be more crafty and open thetrades after traps (liquidity collections, false breakouts etc.).
Friends, press the "like" button, write comments and share with your friends - it will be the best THANK YOU.
P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.
Note
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