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STEPN Price Analysis: GMT plummeted nearly 14% today, is this the sign of another fall?

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STEPN Price Analysis
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  • The STEPN (GMT) token was once again rejected below a declining trend line in the context of the daily price chart.
  • According to 24-hour CMC data, the STEPN token lost around $14 of its cost during a bearish trend.
  • The STEPN token belonging to the bitcoin pair is trading down 12.2% at 0.0000405 Satoshis.

STEPN (GMT) token follows a downward movement while forming low-lows and low-highs. The GMT token was once again rejected below the declining trend line in terms of the daily price chart.

The bears are continuing to sell the altcoin since it hit an all-time high of $4.17. Meanwhile, GMT is trending towards a 45-day low of $0.811. Another more dramatic downside could be if buyers fail to reverse GMT price action before the $1.0 conceptual round level level.

At the time of writing, altcoin is trading at $1.1 Mark with a drop of over 14% in an intraday trading session. The Market cap is remaining above the $700 Million on as per the CMC data, resulting in it down by 13.6% in the last 24-hours. Furthermore, STEPN token belonging to the Bitcoin pair is trading down 12.2% at 0.0000405 Satoshis.

The trading volume reflects weak momentum in the STEPN token, therefore, the bulls continue to reject the sell-off pressure. Meanwhile, the volume to market capitalization ratio at the time is 1.02.

Bears have a selling point near falling trendline 

In the context of the daily price chart, the 20-day exponential moving average was the selling point of the bears. Also, the daily RSI is about to dip into the oversold zone again after a month.

Conclusion

As for the current scenario, the bulls are afraid to push the STEPN (GMT) coin above the descending trend line. There is no bullish move before reclaiming the critical round level of $1.0.

Technical Levels

Support level – $1.0 and $0.57

Resistance level – $3.1 and $5.0

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Steve Anderrson

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