Hi friends! As we all know the 👟GMT fall close to the $1 key level because of 2 main reasons: 1️⃣ a lot of game tockens were minted. Green Satoshi Token (GST) is a gaming token of Stepn APP: 🔶GST supply on May 21 was 3.58M. 🔶GST supply is 52.9M now . The supply increased by 1477%, which is a lot and led to a fall in the price of Stepn itself. 2️⃣ China start blocking the Stepn app on July 15. This happen due to the regulation of cryptocurrencies in the country. Naturally, this caused panic among the Chinese, massive sales and collapsed the price of the cryptocurrency by 26%. Recall that the Chinese are the main part of players in the app.
Axie and Stepn have fallen similarly after Bitcoin's fall, but will GMT repeat the AXS pattern of 2021? It would be ideal to wait for a similar trend line and open a long on a breakout. After the 80% drop, when reatail is scared and squeezed under the trend line, it would be possible to open a similar to AXS long.
📊Let's compare this two games: 1. There are actually a lot of people playing in Axie Infinity. There's a developed ecosystem, it's more than a few years old, the game is constantly evolving. 2. GMT looks like a pyramid scheme and it might scam at any time.
Friends, if you want to trade, please use the stop losses, because this is the main thing in trading that allow you to be succesfull for a long long time. If GMT repeats the AXIE pattern, I will be posting trading setups in new updates and ideas, so stay tuned!
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P.S. Personally, I open an entry if the price shows it according to my strategy. Always do your analysis before making a trade.