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 explored the Green Metaverse Token (GMT) in my trading. However, before I proceed with the technical analysis of the coin I want to report some statistics and important fundamental aspects of it below.
| Factors | GMT Statistics |
|---|---|
| GMT Price | $2.00 |
| Price Change (24h) | $0.8827 (76.28%) |
| 24h Low / 24h High | $1.13 /$2.22 |
| Trading Volume (24h) | $5,409,588,438.65 (268.89%) |
| Volume / Market Cap | 4.42 |
| Market Dominance | 0.06% |
| Market Rank | #81 |
| Market Cap | $1,223,869,121.09 |
| Fully Diluted Market Cap | $12,238,691,210.91 |
Name And Introduction Of Project/Token:-
The Green Metaverse Token (GMT) is a coin which has rapidly become very popular and has increased by more than 160% in the weeks that just passed. In fact, over the past 24 hours it has recorded an impressive market growth that is more than 80% and this has increased its market cap to over $1.2B thereby placing it among the top 100 cryptocurrencies on coinmarketcap when considered by market capitalization. This is more interesting considering the fact that the coin has been in the market for just about a month.
However, it is not just the coin itself that is responsible for this great feat and ongoing upswing. The STEPN application which is associated with the token is actually responsible for this impressive run. The application is a fitness app that functions in a model known as move-to-earn. The GMT token is the governance token of the network. However, while on the app users can earn the Green Satoshi Token (GST) for completing some assigned tasks.
Traded Exchanges:-
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As reported on coinmarketcap there are 33 different exchanges where the coin can be purchased, traded or even possibly stored. Some of these exchanges include:-
- Binance
- Gate.io
- KuCoin
- MEXC
- PancakeSwap(V2)
- Tokocrypto
- Serum DEX
- BTCEX
- BitMart
- Bitrue
On these different exchanges they can be purchased as different cryptocurrency pairs. While some exchanges have different pairs of the coin some only have a pair of it.
Project Team/Technical Background:-
The team behind the creation of the STEPN project is a fintech studio based in Australia known as Find Satoshi Lab. It consists of a team of experts who emerged the winners of the Solana Ignition Hackathon Gaming Track held in 2021 also the team are members of the popular DeFi Alliance Gaming cohort.
Objective Of The Token/Project:-
The coin was launched on Binance Exchange on the 9th of March 2022 and has risen by more than 160%. It functions as the token that is used for governance on the STEPN platform. It has a 6 billion token limit on supply.
As a player of the gaming console you would purchase the GMT token in order to burn it when using the application. This gives you the ability to have access to the different features on the platform. These features can include the ability to mint Sneakers that are of high quality, the ability to upgrade your Gems to higher quality ones and the ability to participate in governance voting.
2.- Why are you bullish on this token today?
Since the coin was introduced on Binance on the 9th of March this year it has moved tremendously in its upward trajectory and has cumulatively gained more than 160%. In the past 24hrs it has recorded a growth that is more than 80%. As can be seen in the image below, the coin continues in its upward trajectory and this is the major reason why I actually expect that it will be more bullish today.
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However, if you look carefully you will also discover that although the overall trend is bullish the market is actually making a bearish retracement at the moment. I did not trade the coin in the bullish direction. I actually traded it in a bearish direction hoping to benefit from the bearish retracement which doesn't seem to have ended and I wasn't wrong.
3.- How to analyze the token for an operation? You must compulsorily use methods and analysis learned in the Crypto Academy.
(NB:- For this section I am going to be carrying out my analysis on the tradingview platform but the actual trades will be executed with my Binance Futures account. Due to this the prices you see on the analysis may not correspond with the actual prices I entered the trade since the average price on tradingview is always different from the actual price on Binance. However, my entry, stop loss and take profit levels are the same and would be indicated.)
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I adopted the multi-time frame method for analysis and added the Moving Average Convergence Divergence (MACD) to the price chart to aid my analysis, entry and even exit. First, I looked up the two hour time frame of the asset and this revealed that there was an ongoing uptrend. The chart starts with a period of accumulation especially as the token was just released on the 9th of this month on the Binance exchange. This is followed by an upward movement of the I said even as it has gained more than 160% increase from the time of its release.
The movement of price slows down and this eventually proves to be a period of re-accumulation as the price eventually breaks above the previous high of this retracement or slowing down movement of price action to continue upwards. The whole action is consistent with the Dow Theory Of Trends.
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Moving closer on the 15 minute time frame reveals that the price was currently making a pullback. This can be seen as a short-term pullback since it was not reflected on the 2 hours time frame. Since it was making a pullback it was not right to trade it in the upwards direction now. I would either trade the pullback on a short-term or scalping level or wait for a possible break of the previous swing high before trading in the bullish direction.
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The 1 minute time frame reveals that the price had bounced off from an area of resistance. The resistance had been tested severally but was not broken in this period of retracement. Equally, the 9 period EMA which is the signal line of the MACD was now above the blue-colored MACD line. This is a bearish signal and I should be hoping to trade the retracement in the downward direction since the price was not yet very close to the upcoming support level.
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From the image above the price which had been trading between the resistance and support just broke below the support line and the market structure. The price continued downwards and I waited for the expected retest of the level that had just been broken. When the prices had retested the level and started forming bearish candles I took my sell entry on Binance at the candle indicated and this was exactly at 2.24128.
I set my stop loss at the level shown which is above the highest point of the retest action. For take profit I simply held the position since I was monitoring the trade to close it when it gets to the upcoming support level or when the MACD may possibly indicate signals against continuation of the retracement. The running profits from the trade and the stop loss are shown below:-
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I had increased the leverage to 25X since I didn't intend to hold the position for too long. The strategy I adopted is scalping trading method and I was keen to close the trade at the slightest indication. Hence, the moment the MACD started contracting showing loss of momentum in the market with the formation of a bullish candle I had to close the trade with about 30% profit.
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- The details of my trade are shown below:-
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4. Do you want to keep it for a long time? Or when to sell it?
I never intended to keep the coin for too long. Moreover, I did not actually purchase it but only entered a futures contract anticipating further downwards retracement of price action. I intended to leave it open in anticipation of a major support that was upcoming as shown in the image below. However I had to close it when they MACD indicated possible reversal even before the major support.
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5.- Do you recommend that all people buy it? The reasons for recommending or not recommending it.
The GMT token is expectedly going to be a great investment based on its fundamental concepts. There are some important factors that suggest that the coin will perform greatly and some of these include:-
The coin has been listed on the world largest cryptocurrency exchange which is Binance and this has given it out of attention and traction
The coin was able to meet all the criteria that were necessary to have been listed on the launchpad of the Binance IEO which is a bonus
It can be used for the purpose of governance on the STEPN platform and can be used for staking to get more voting power
Holding the coin gives one the power to vote and decide on how net profit on the network would be distribute
Holding the coin gives one the opportunity to gain revenue on the app by being able to do such things as sneaker upgrades.
6.- Any other important information of the token/project.
There are a few important things you ought to know about the STEPN application on which the GMT token is based. Some of these include:-
STEPN is a move-to-earn startup that is based on the Solana and has a way of rewarding its users and had succeeded in raising a round of seed funding amounting up to $5 million
A round of seed funding had been jointly led by Folius Ventures and Sequoia Capital India together with other industry giants like 6th Man, Alameda Research, Sfermion and others as participants
These events constituted the major funding of the project and would be used to increase its team than was just about 30 members and for the further development of the project
The SOL token which is native to the Solana platform would have to be deposited on the STEPN application before it can be used
With this it is possible to purchase sneakers from the marketplace available in the application and your energy will be replenished after 24 hours. This energy is the length of time you can exercise with this sneaker NFT
On the platform there are three different types of sneaker NFT you can purchase which can include jogger, runner or Walker and the gaming console is quite interesting
CONCLUSION
Today I traded the GMT token which has a very interesting fundamental analysis behind it. Also, having studied the technical aspect I came to understand that since its launch on Binance from 9th of March this year it has been on a tremendous bullish run
I used the tradingview platform for my chart analysis and executed actual trades on Binance. The GMT token can be used for different purposes especially on the STEPN application which is a gaming console. I would recommend that people buy this coin since it is a metaverse that has a great potential.