Step'N Down with $GMT
Updated
I have opened a short position on GGMT, this is a swing short positon. Much of GMT's tokens have been locked up, currently 83.79% of the token supply is locked and not in circulation. However, these tokens are subject to a linear unlock that began March 1st, 2023. The distribution is currently as follows:
My avg entry as of right now is $0.433. I am looking to slowly DCA into a short position on GMT to increase my position as the market gives opportunity.
UNLOCK DISTRIBUTION
3,387,097 GMTs
Private Sale 1,219,355 GMT/Day ($483,846)
Move and Earn 812,903 GMT/Day ($322,564)
Team 580,645 GMT/Day ($230,403)
Ecosystem/Treasury 580,645 GMT/Day ($230,403)
Advisors 193,548 GMT/Day ($76,801)
The private sale of GMT token was at $0.005 per token. I confirmed this with the Step'n team. That means investors who were in early in the project are currently up 7860%. My guesstimation is that they will begin to sell their tokens to capitalize on this incredible gain. This coupled with technical analysis and price action I think can set up a great short opportunity. Not to mention, each month the % unlocked increases dramatically. Over the next 7 years the tokens will continue to unlock≥
If GMT fails here at this breakout level of $0.4 I think we will accelerate back to $0.3. Failing this wedge to the downside as a fake breakout to the upside could play out.
My avg entry as of right now is $0.433. I am looking to slowly DCA into a short position on GMT to increase my position as the market gives opportunity.
UNLOCK DISTRIBUTION
3,387,097 GMTs
Private Sale 1,219,355 GMT/Day ($483,846)
Move and Earn 812,903 GMT/Day ($322,564)
Team 580,645 GMT/Day ($230,403)
Ecosystem/Treasury 580,645 GMT/Day ($230,403)
Advisors 193,548 GMT/Day ($76,801)
The private sale of GMT token was at $0.005 per token. I confirmed this with the Step'n team. That means investors who were in early in the project are currently up 7860%. My guesstimation is that they will begin to sell their tokens to capitalize on this incredible gain. This coupled with technical analysis and price action I think can set up a great short opportunity. Not to mention, each month the % unlocked increases dramatically. Over the next 7 years the tokens will continue to unlock≥
If GMT fails here at this breakout level of $0.4 I think we will accelerate back to $0.3. Failing this wedge to the downside as a fake breakout to the upside could play out.
Note
GGMT really retesting support hereNote
I closed 20% of my position at 38% profit on GMT at 0.33. I have another order around 0.30. Can bounce here.Note
Target Reached. Out over half the position, +49%. Trade closed manually
I completely closed my position at $0.30
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