Follow Us

GMT Coin: The Heroic Entry of Bulls Strengthened the Support

Share on facebook
Share on twitter
Share on linkedin

Share

GMT Coin: The Heroic Entry of Bulls Strengthened the Support
Share on facebook
Share on twitter
Share on linkedin

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 

GMT Coin: The Heroic Entry of Bulls Strengthened the Support
GMT/USD chart by TradingView

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. 

PivotClassicFibonacciCamarillaWoodie
S30.0760.208
S20.0760.1510.2260.073
S10.1690.1970.2440.163
P0.2720.2720.2720.269
R10.3650.3470.2800.359
R20.4680.3930.2970.465
R30.6640.4680.3150.555

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.

Conclusion

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.

Technical Levels

  • Support Levels: $0.860 and $0.7512
  • Resistance Levels: $0.347 and $0.466
Disclaimer

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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Download our App for getting faster updates at your fingertips.

en_badge_web_generic.b07819ff-300x116-1

We Recommend

Top Broker

Top Rated Cryptocurrency Exchange

-
00:00
00:00
Update Required Flash plugin
-
00:00
00:00