STEPN Price Prediction: Why GMT Could Trade Bearish Under $2.8575?
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
- The current STEPN price is $2.68, with a 24-hour trading volume of $1,810,306,394.
- GMT/USDT has completed a 38.2% Fibonacci retracement at the $2.75 level.
- GMT/USDT immediate support prevails at $2.5 and a break below this level could lead its price towards the $2.34 level.
One of the incredible benefits of blockchain technology is the ability to be compensated for doing something as simple as running. The price of STEPN, a move-to-earn project, fell by 35% in April, making it the worst month in crypto history thus far this year.
STEPN Price Review
The current STEPN price is $2.68, with a 24-hour trading volume of $1,810,306,394. STEPN had fallen 19.19% in the previous 24 hours. The current market ranking is #54 with a live market value of $1,609,475,441. With a maximum supply of 6,000,000,000 GMT coins, there are 600,000,000 GMT coins in circulation.
STEPN “Move to Earn” Token Massive Uptrend
Since its inception in March, the value of STEPN (GMT), a so-called “move-to-earn” token based on the Solana (SOL) blockchain, has skyrocketed. GMT’s price increased 34,000% in 41 days, from $0.01 on March 9 to $3.45 on April 19.
The excitement surrounding decentralized finance (DeFi) applications, which reward users with tokens for being active, has fueled its rapid rise. However, the gains were short-lived, as the token fell 19 percent from its all-time high of $4.11 reached seven days ago. Despite the lows, price movements show a positive trend.
On a daily basis, a descending triangle was discovered. A bull run is frequently followed by descending triangle breakout points. This was confirmed by the appearance of a green candle at the breakout point. Similarly, the token’s RSI and MFI, both at 57 and 63, appeared to be rising toward overbought territory.
However, STEPN’s recent earnings announcement could be one of the primary catalysts in helping GMT limit its losses. According to government estimates, the project made a profit of approximately $26.81 million in the first quarter of 2022 from “royalty fees” and the sale of its “NFT Sneakers.”
Buying STEPN Sneakers – How It Benefits?
Those who registered for the STEPN x ASICS NFT sneaker sale on the Binance NFT marketplace will receive the first STEPN sneakers for use in the game’s BNB Chain edition. The mystery shoeboxes will contain common and uncommon ASICS-style Walkers, Joggers, Runners, and Trainer sneakers for use in-game. Furthermore, 2010 shoeboxes are currently available for 0.5 BNB (approximately $208).
Aside from that, the coin’s trading volume and market cap are increasing, which may be another factor contributing to its price increase. On the contrary, the risk-off sentiment in the crypto market was cited as one of the primary reasons why the cryptocurrency price remained low. After breaching the $40,000 resistance level, Bitcoin began a precipitous decline against the US dollar. As a result, BTC entered the negative zone after breaching the critical $37,500 support level.
STEPN Price Prediction – 61.8% Fibonacci Retracement
The GMT/USDT is trading sideways, bouncing between $2.85 and $2.40. the 4-hour timeframe, GMT/USDT has completed a 38.2% Fibonacci retracement at the $2.75 level. The closing of candles under this is supporting a bearish bias in STEPN.
At the same time, a series of 20 and 50 period EMAs (exponential moving averages) is keeping STEPN under selling pressure.
A surge in the coin’s demand could slice through EMA lines and lead the GMT coin towards a 61.8% Fibonacci retracement level of $3.005.
On the bearish side, GMT/USDT immediate support prevails at $2.5. A break below this level could lead its price towards the $2.34 level. Increased selling pressure, on the other hand, could result in a bearish breakout. Hence, it may send the STEPN price even lower, towards the $2.04 level.
The RSI is holding under 50, suggesting a bearish trend. Alongside, the EMA lines are also pointing to a downtrend in STEPN. Consider taking sell trades under the $2.800 level. Good luck!
