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- The Stepn (GMT) crypto slipped below an ascending trendline last night.
- The GMT token is trading below the 20 and 50 day moving averages on the daily price scale.
- The market cap of the GMT token is down 16% in the last 24 hours.
For the previous three days, the Stepn (GMT) token has had a negative trend. When bitcoin crossed the 200-week moving average, the GMT move-to-earn token fell to a low of $0.53. Many well-known cryptocurrency investors and speculators feel that the extraordinary occurrence signified the bottom for various cryptocurrencies, including Bitcoin and GMT.
In the previous three trading sessions, the Stepn token has lost about 25% of its value. The bears recently breached the rising trendline (bottom of the chart), signalling the start of a downturn. Meanwhile, as of this writing, the GMT token is trading at $0.81 per USDT.
According to CMC, the market cap of Steppen (GMT) token has increased by 16% in the red zone to $489 million in the last 24 hours. Now the conceptual ground level of $1.0 has acted as a resistance level for the bulls. Besides, the $0.70 level is an immediate support area for the bulls. Moreover, the GMT/BTC pair price is down 9.8% at 0.00003741 Satoshis.
Trading volume increased by 60% in the last 24 hours. Trading volumes suggest that Bera is aggressive for selling. Meanwhile, the GMT token is trading below the 20 and 50-day moving averages on the daily price scale.
RSI Indicator is Going to Dip into Overbought Zone
The MACD appears to be flat just above the neutral zone, which suggests a no-trading zone for speculators. Conversely, the RSI indicator Steve declined after a reversal from the higher zone.
Conclusion
The Stepn (GMT) token may take further support at the $0.60 mark. Thus trading indicators give a negative signal for buyers after receiving rejection near a 60-day high.
Support level – $0.80 and $0.57
Resistance level – $1.0 and $1.3
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
