GLX drops below 10 cents
The price of GLX has been sinking quite fast in the past couple of days. I'm not exactly sure why it pumped so hard in the first place and right now, I'm also not sure why it is dumping so hard.
One thing for sure is that speculators have gotten tired of pumping the token and now there's a lot of dumping going on. I guess that bear market price was always a bubble waiting to burst and the token is just getting knocked back to reality.
At 9 cents, this is the cheapest we've seen GLX trade since the highs of the past. Considering that the previous pump came out of the blues, it is not out of the question to think that another pump could be lurking.
It is also not out of the question to think that GLX will be dumping even further. I'm not holding my breath, but I'd be grateful if things didn't get worse.
SPS levels?
At the time of writing, SPS token trades at 4 cents and that's just a few clicks away from the current price of GLX token. If I were a gambler, I'd be putting my money on the price of GLX dropping to that level in the coming days.
Shorting GLX isn't possible since all we have is a spot market but that doesn't mean we shouldn't be taking the necessary steps to mitigate the pain. Well, it must be said that there's no actual pain for me, in terms of my GLX investment since I am balls deep in profit.
If you invested and staked GLX during the pump, then you should be looking at how to curb the rut as the token price descends further. Considering that we'll start seeing aspects of the Genesis League Sport project spring up next year, GLX token might be spending a lot of time in the wilderness, so you should keep that in mind.
I believe that there will be a couple of months of dumping on the horizon but the token will settle at around the same price range with SPS token. At this rate, you could buy the dip, and stake to cover the loss that you probably incurred as GLX continues to slump.
Personally, I'm going to buy a couple of thousand GLX tokens in the future and by future, I mean long into the future when I'm sure the asset has been dumped to SPS-level oblivion. However, it must be said that if for some mysterious reason, GLX decides to pump, I'll still be fine because I have a small amount that I intend to keep permanently staked.
GLX dropping below 10 cents doesn't look good, particularly with funds so tight in a bear market. However, it is not the end of the world and could be an opportunity for savvy investors looking to get involved in the project.
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