GMT: is it a new x100 coin? Stop fooling yourself!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.
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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.
