GMT/USDT Long Position | Trading Competition - Crypto Academy / S6t4 - Homework post for pelon53

Hello, Steemians. I am very happy to be writing my second trade post this week of the trading competition. I started my trading yesterday which was on Waves token and made profits in the Waves market, and today I will be trading GMT (STEPN) cryptocurrency. I have joined the Investors Team that is been coordinated by professor @pelon53.

GMT (STEPN) cryptocurrency is the native cryptocurrency of the STEPN Game-Fi protocol that is built on top of the Solana blockchain to promote the healthy well-being of the players on the blockchain. Game players on this gaming protocol now stand the chance to earn on the blockchain as they improve their health in the process making it a lifestyle and Game-Fi protocol. The full meaning of this cryptocurrency is known as Green Metaverse Token.

GMT is used on the STEPN gaming protocol where users are rewarded for exercising, jogging, walking, running, and many others. The STEPN protocol uses the feature known as move2earn where players buy NFT sneakers and earn from their activities which depends on the length the user stayed exercising with the NFT sneaker outdoors. The project won the Solana ignition hackathon and it was later deployed on the BSC (Binance Smart Chain), and recently, BNB (Binance Coin) is accepted as a coin for payment on the STEPN game protocol.

GMT cryptocurrency is used for governance of the gaming protocol. It is used for in-game activities like buying sneakers, repairing sneakers, upgrading sneakers, swapping for stablecoins, and many others. GMT has a burn mechanism with the aim to reducing the circulation of the token which will help the economy of the token.

Furthermore, the burning mechanism on STEPN is achieved when users buy the GMT cryptocurrency and burn it on the STEPN protocol to mint sneakers, repair or upgrade sneakers and participate in the governance of the protocol. Users buy GMT from time to time, burn it to have access to some of the functionalities of the gaming protocol for profitability and the burning reduces the circulation of GMT which helps the price of the cryptocurrency to spike up.

Green Metaverse Token was the first move-to-earn model of NFT gaming protocol when it was created in August 2021 by the Australian co-founders, Jerry Huang and Yawn Rong during a Solana ignition hackathon event. The project later received fundraising of about $5,000,000 from different organizations and an important organization to notice in the process is Sequoia Capital that led the donation.

Furthermore, the team of GMT includes many experienced members, the CSO is Jessica Duan, the Lead Designer, Ryan Turner and a list of the project's advisors.

A fundraising for the GMT project was organized between 2 - 7 March 2022 on the Binance exchange with a total of 420,000,000 GMT available in the public sale on the Binance Launchpad. At the end of the public sale, the GMT project made $4,200,000 in the initial offering when GMT was sold at $0.01. The total funds raised by the project is $9,200,000.

At the time of writing my trade post, GMT (STEPN) is trading at the price $1.94 and ranked the number 82 cryptocurrency in the crypto space. The market capitalization of GMT is $1,163,558,118.18. The circulating supply of this cryptocurrency is 600,000,000 GMT with the maximum supply being 6,000,000,000 GMT.

GMT (STEPN) token can be traded on many cryptocurrency exchanges and some of them are Binance, KuCoin, Bitrue, Tokocrypto, DODO, Pancakeswap, CoinEx, LBank, MEXC, and many others.

I am very optimistic about GMT as the first move-to-earn model gaming protocol with its consistent burning mechanisms to reduce the circulation to improve its price as users would continue to buy it to access the in-built features of the GMT gaming protocol. Furthermore, the GMT (STEPN) cryptocurrency was listed on the Binance exchange earlier this month and that has helped the price. The market of GMT has been bullish for some days now and seeing it bullish again this morning, I was confident of a long position in its market as it was among the bullish markets on Binance.

Fundamentally, I saw the market of GMT to be bullish this morning as this asset appears as the top gainer on the Binance exchange rising to 71% this morning and with that fundamental analysis, I was optimistic about a long position. Before I can trade this cryptocurrency, I have to move to technical analysis to see what is happening in the market of GMT, identifying support and resistance zones before entering the market. My trade today is also short-term and I will use three time frames for my technical analysis.

In my practical analysis image of GMT on daily time above, the market was bullish and I identified the resistance level where the price retraced before continuing the bullish phase. The impulse trend from the support zone marked has been a continued one. I used 10 period moving average which was below the price and the RSI indication was at the 85.74 level, this signaled an extreme bullish phase. I switched to a 30-minutes time frame to see the market.

In my practical analysis image of GMT on the 30-minutes time frame above, the market was still bullish. On that chart, I have used 10 and 25 moving averages, and I identified the support and resistance levels. At the top of the trend, the price of GMT was resisted before a former resistance turned to support as the bullish impulse trend started again. I switched to the 5-minutes time frame.

In my practical analysis image of GMT at the 5-minutes time frame above, the market was reversed to the bearish phase with lower lows. At a level on the chart, a higher low was formed which is a signal of a bullish trend. The impulse trend towards the bullish phase broke the recent lower high and I entered a long position in the market using a bullish candlestick.

I entered a long position in the market at 1.97814 USDT, my exit trade in profit at 2.08 USDT at a resistance level above and my stop loss at 1.84 USDT below the recent lower low. I used 1:1 risk-reward ratio for the trade by using Binance GMTUSDT Perpetual 10x leverage.

After about 1hour 45 minutes, the trade closed in profit when the price of GMT hit my exit trade in profit level, 2.08 USDT. I made a profit of $0.51665 on this trade.

GMT cryptocurrency will be one of the tokens to shake the crypto space sometimes sooner with their burning mechanism that takes place from time to time. The market of this cryptocurrency is still in the bullish phase and investors can still make some profits in its market. I recommend that investors should buy this asset for short term and long term purposes.

Furthermore, investors can use this token to play games on its NFT gaming platform and get rewarded for exercising. I may not be able to earn in that way not only because I am a woman but because I had a back injury some years ago and I may find it difficult to earn through exercising but I can buy to participate in their governance if I have the money. Conclusively, I recommend this asset to investors.

In my second trade post in this trading competition week, I traded the Green Metaverse Token (GMT) which is a native cryptocurrency of the STEPN NFT gaming protocol and this token is a utility token that can be used to have access to the features of the game for purchase or renewal of intangible assets on the protocol, participate in governance and earn more rewards. It is deployed on both Solana and Binance Smart Chain, and it's fast-growing. My trade today also ended in profit. I humbly present my trade post to professor @pelon53.