I have opened a short position on GMT, 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.
wow shorting a breakout and a retest. Low IQ or what?
DOpeTrades
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@tradetowin81, 0.36 is a pivotal support area before $0.3. The "shorting a breakout and a retest" can be profitable if the "breakout" turns into a "fakeout". This is also the edge of a HVN so previous price action proves that this is a key support/resistance. I could be completely wrong and if I am I will cut the trade if it turns against me. I'm not married to it lol I just trade what I see. I've been wrong before and I'll be wrong again. GMT could definitely break out, I just think it'll now be dependent on the overall market/ ETH and BTC.