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- 1 GMT price trading under a severe bear trend after failing to take resistance from the 200 EMA.
- 2 The GMT price might take a downturn of 10 to 15%
Recently after the announcement on 15 February regarding an airdrop for genesis holders, GMT price did see a bounce of 10% although this optimism did not last and GMT again took a correction of 12%. The overall market sentiments are currently trading at a neutral level according to the greed and fear index provided by the Alternative (dot) me site which measures market sentiments. The current GMT price is $0.384 with a change in the 24-hour volume of 14 percent.
GMT price trading under a severe bear trend
STEPN (GMT) is a crypto token that is built on the Solana blockchain which is a “Web3 lifestyle app”. It has a fitness application with play-to-earn elements with which it creates a new category named the “move to earn” feature. For this users buy NFT sneakers which they use to earn the in-game currency by walking, running or jogging.
STEPN revolutionizes the fitness industry by introducing new methods. It incentivizes the users by rewarding them through tokens for living a healthier lifestyle and by doing this in a game-like way which makes it more interesting for the users.
Technical Analysis ( 1 Day timeframe)
The GMT price is currently trading under the bear trend below all the major key averages. While the 20 EMA and 50 EMA indicate that they might give a bearish crossover in the upcoming days.
The recent support level for GMT is around the price of $3.000 while its current resistance is around the price of $0.421 and its next major resistance is around the level of $0.607. The stochastic RSI is trading near the undersold level around 41.34 while taking resistance from the 14 SMA trading around 42.81 point
Conclusion
The GMT price is currently trading under a severe downtrend below the 200 EMA while taking resistance from the 100 EMA. It is also giving a bearish crossover between the 20 EMA and the 50 EMA suggesting that it might make a new low. The RSI indicator is trading under the oversold level while taking resistance from the 14 SMA. The market sentiments regarding GMT are bearish while investors are taking interest in the token but as of now, sellers are dominating the market.
Technical levels –
Support – $3.000
Resistance – $0.421 and $0.607
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
