GST is just another SLP in disguise and will follow the same path to near $0 dollars per token.
Fully diluted value is $163,852,528. Axie's SLP is $31,051,739 which is a much bigger game in comparison showing this is far too overpriced.
It has an unlimited supply only propped up by a few burn mechanisms. As more people enter the game and generate more GST as earning price will slowly dump as people take profits, this is the same for the majority of gaming tokens. This may be a long term short but rest assured this will slowly make its way to approximately $0.5-0.2 during this bear market once the Stepn hype dies down.
On a more technical note, we can see price has fallen below all the previous demand zones, there is a possibility of support at around 1.8-2 which may act as a possible demand zone considering the previous reversal from this region, but i don't expect this to hold considering the tokenomics and current market conditions. Stoch RSI is still near oversold region and there is a persistent large amount of selling still occurring.
Fully diluted value is $163,852,528. Axie's SLP is $31,051,739 which is a much bigger game in comparison showing this is far too overpriced.
It has an unlimited supply only propped up by a few burn mechanisms. As more people enter the game and generate more GST as earning price will slowly dump as people take profits, this is the same for the majority of gaming tokens. This may be a long term short but rest assured this will slowly make its way to approximately $0.5-0.2 during this bear market once the Stepn hype dies down.
On a more technical note, we can see price has fallen below all the previous demand zones, there is a possibility of support at around 1.8-2 which may act as a possible demand zone considering the previous reversal from this region, but i don't expect this to hold considering the tokenomics and current market conditions. Stoch RSI is still near oversold region and there is a persistent large amount of selling still occurring.
Comment:
Edit to the last paragraph: Stoch RSI near the overbought region*
Comment:
And within 3 days we already hit our first level of resistance at $2 a 20%+ move down.
I hope you opened a short
We may see a slight bounce here but ultimately this is heading to 0.2-0.5. Especially when BTC finally crashes we can be sure of that.
I hope you opened a short
We may see a slight bounce here but ultimately this is heading to 0.2-0.5. Especially when BTC finally crashes we can be sure of that.
Trade closed: target reached