- 1 The GMT coin is still in the uptrend after the support was reclaimed by the bulls
- 2 It has a limited supply of 6 billion.
- 3 The RSI has taken off from the neutral zone of 50
One of the noteworthy aspects of the STEPN ecosystem is the presence of two distinct tokens – GST and GMT. The GMT, or Green Metaverse Token has a limited supply of 6 billion.
STEPN uses NFTs and features a special move-to-earn concept. Users who wear NFT sneakers and engage in physical activity, such as walking, jogging, or sprinting outside, are rewarded and can accrue tokens. However, there is no hiding the fact that the value of NFTs has gone down and the road ahead seems tough for these tokens.
In addition to encouraging people to lead healthier lives and become carbon neutral, the STEPN coin can educate users about the web3 ecosystem.
How Does Stepn Works?
The Game-Fi system of STEPN involves the use of sneaker NFTs that users can purchase by depositing the Solana native token into the in-app wallet of STEPN.
After purchasing the NFT sneakers, users must wait for 24 hours to replenish their energy. The amount of energy they have determines how long they can engage in physical activities or exercise with their NFT sneakers.
In the STEPN NFT ecosystem, users can choose various attributes for their sneakers, such as resilience, comfort, and efficiency. These features will significantly impact the sneaker’s energy limit, which, in turn, plays a crucial role in regulating the distribution through a limited supply of rewards.
Technical Analysis & Prediction of GMT Coin Price
The GMT coin price achieved a live market cap of $2.5 billion at its peak after its initial coin offering. Its bull run lasted from early March (when it was listed on Binance) to late April. GMT’s retracement from its all-time high of $4.18 in April was partially due to the inflationary nature of GST, the other native token in the STEPN ecosystem.
At the press time, the GMT coin is taking support at the level of $0.247 which is, its immediate support. The bulls started rising in late October. The bullish investors have also sustained above the $0.180, which was a major resistance.
The current resistance to the GMT coin price is at $0.347 and $0.466. Moreover, the RSI has also risen above the neutral zone of 50, displaying a bullish strength.
STEPN is an NFT platform with a move-to-earn concept. Users can select attributes for their sneakers. Bullish investors have sustained above a major resistance of $0.180 since late October.
- Support Levels: $0.860 and $0.7512
- Resistance Levels: $0.347 and $0.466
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.