GMT Exhibits Breakout, Will Rally Continue?

STEPN (GMT) token price has paraded a massive wave and noted multiple breakouts in recent sessions. Moreover, the price action shows the buyers’ accumulation, and the GMT token endured in extending the gains without ceasing the rally. Additionally, the token has surpassed the key moving averages and has highlighted great performance. Technicals showcase the buyers’ accumulation and suggest that the GMT token will continue to ride the gains and may reach the round mark of $0.4000 soon.

STEPN (GMT) token price smashed the trajectory hurdle of $0.3500. Moreover, the token has coasted the bullish trajectory and shows the investors’ interest. GMT token have exceeded the 61.8% Fibonacci retracement zone and sustained above the 20-day EMA mark decisively. Additionally, the token has regained strength and has a strong prospect to reach the swing high of $0.4200, followed by $0.4500 over the next few months. 

The live price of STEPN (GMT) is $0.2839 with an intraday gain of 3.92%, showing bullishness on the chart. Moreover, the trading volume increased by 45.72% to $118.70 Million and the pair of GMT/BTC is at 0.0000757 BTC. However, the market cap of GMT is $119.54 Million. Analysts have revised the rating from neutral to buy and suggest GMT will continue to outperform and may reach $0.4000 soon.

Daily Charts Exhibits Bulls Dominance

On the daily chart, STEPN token broke out of a range to reach the round mark of $0.4000, but due to the strong grip of sellers, the stock retested the 20-day EMA mark. Afterward, buyers tried to pull back again, unsuccessfully.

The RSI curve stayed above neutrality near 65, showing a positive divergence and suggesting that GMT will extend the bullishness and may reach $0.4000 soon. The MACD indicator shows a bullish crossover and green bars on the histogram, suggesting a positive outlook.

Weekly Charts Showcased Rejection From 50 Day EMA

On the weekly chart, the GMT token showcased a rejection from the 50-day EMA mark and exhibited retracement in the past few sessions. Moreover, the token witnessed a sharp rebound from the bottom mark of $0.1400 and has kept the bullish territory trapping the sellers in a single shot.

Summary

GMT price transcended the key moving averages and noted an intense pullback from the bottom mark of $0.1400. Moreover, the price action has witnessed the buyers’ accumulation and exhibited a range breakout in the last sessions. 

Technical Levels

Support Levels: $0.2700 and $0.2500

Resistance Levels: $0.3000 and $0.3500

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.