Is the current GLX price is opportunity to buy?
GLX at the time of its initial release was really making very big waves when one has to shell more than .5 Hive for a single GLX and for a brief period of time, it was even more than 1 Hive per GLX (I remember it touched 1.24 Hive but not sure). So if you are one of the people who has been building a stake in GLX since the initial launch days, then current price of token will really hurt you that is now trading a little above .01 Hive, devalued more than 90% (in dollar value). But the question is if GLX can go further down from this price point or will be able to bounce back?
GLX current price.
If you look at the chart, GLX has the support of at least half a million GLX before it can crash further. According to my rough calculation, almost 450K GLX are airdropped daily, in which 300K GLX is staked and 150K GLX remain liquid and add the number of available liquid GLX. With 38 days of SPS stake airdrop and GLX stake APR, almost 5.7 Million GLX is going to be added in liquid form(based on past observation.)
So this .5 million support is not that strong wall that cannot be breached and do not forget 70 million GLX already exist in liquid state as of now.
GLGT price adds more worry
GLX staking APR that used to reward GLX is going to end in the next 38 days, so GLX staking will yield GLGT only. At current price of GLGT , it is only less than 2.5% APR and I do not see any reason if someone is just investor will be happy with that kind of APR. So for me, it will not be a surprise if users start unstaking GLX to sell it.
My strategy
I still believe GLX has potential but without any product backing it , it is mere speculation. In the current scenario, I will keep buying GLX for a little like putting 5-10 hive weekly but do a big purchase if it reaches .005 Hive or below, till I reach my goal of 200K.
Whatever the GLGT I will earn, I will sell to buy more GLX if it remains at low, if GLX price recovers in the future, I will sell this extra GLX for profit and do not plan to reduce my holding below 200K GLX.
As of now, this is my long-term goal, but let's see how things unfold.