Has GLX hit the bottom?
I've been eagerly watching the numbers in the past three days as GLX token dropped below 1 cent for the first time since its creation. This is a rather uncomfortable price level for me in the short term because I have plans to spend most of my staking reward this month.
I am still actively working towards our relocation plans and with that in mind, I intend to liquidate some of my assets to fund the move. Unfortunately for me, the crypto market decided to head in the wrong direction but what can I do?
For what it's worth, things are not looking grim. I will still be able to raise the funds required to facilitate all the applications and whatnot that I intend to get into but right now, I am really cutting it close.
Frankly speaking, I would have preferred to just get it out of the way now but most of our choices are time-dependent and cannot be done before the allotted time frame. This means that regardless of the situation, I have to wait until the end of the month and at that point, hope that the market has somewhat stabilised.
Based on my rough estimates, I think I'll still be able to reach the target we set but only just, due to the current market price of GLX, amongst others. The funny thing is that despite the situation, I can't shake off the feeling that I should perhaps take a gamble with GLX, rather than play it safe.
Buy the dip?
Just as with every other crypto project these days, GLX is feeling the heat of the crypto market. I mean, there are some local issues pervading the project as well but overall, I think the slump is largely due to the wider crypto market taking a beating.
At the time of writing, Hive is trading below 40 cents, Bitcoin is still hovering in the $27k range and even SPlinterlands assets are going for cheap. Literally, everything is down bad right now, so it is not out of the ordinary to see GLX as low as it is, even though it should admittedly not be as low as it is now.
This situation makes me wonder if taking a chance with GLX token buy investing right now is a good move. I actually expected the price of the token to drop as low as $0.005 but that wasn't the case and instead the token experienced a minor bounce off 0.0087 and "shot up" to 0.0093 instead.
Assuming I bought at that bottom, I'd be in the green but only just, as that move will only lead to serious yield when a decent amount is invested and that's a luxury I don't have right now. In any case, investing at the bottom still puts me in a position to benefit long-term from GLX.
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I think it's still sinking, until there is an active game and players it's future is dubious. I'm hanging onto mine because they were free and if it tanks I don't lose anything, but if it does well I may yet make some money.
Hey @belemo! What is your stake now? Seen you be writing a lot about GLX lately.
Did you not check out PsyberX new discord game? I am focusing there these days😎
Until there is a use case for GLX, they are doomed to sink, as inflation is crazy.
Question is if they will ever come up again, or better sell now where there is still some value. Once the game is out and attracting people, I hope it will turn around, hence I am HODLing.