With Stepn, users can earn tokens by walking, jogging or running outdoors with NFT sneakers. Stepn’s vision is to motivate millions of people to adapt to better lifestyles by bringing them into the Web3 Era while also helping to achieve carbon neutrality. It was developed by an Australian fintech firm called Find Satoshi Labs.
GMT price is currently headed towards the yearly lows. The bullish rally for Stepn began at the start of 2023 when the price rose from the low of $0.2279. Bulls generated a rise of approximately 200% in a month.
The price did not justify the price and started to melt down. The bears corrected the move pushing the price down to $0.300 level support. The downfall caused a loss of roughly 58%. GMT price did a zone-to-zone breakout.
Recently, GMT shattered the support level of $0.30 level in a downward direction and formed a new support at $0.255 level. The price has been gaining bullish momentum since 10 May, but the current candle turned out to be a solid bearish candle and is on the way to destroying its gains since 10 May.
Stepn Price Might Lose All 2023 Gains
In the 4-hour time frame, traders can witness an upward trend, and the current candle has broken the supporting trend line. This raises concern that the price might revisit the recent support $0.255 level. GMT price might form a support at the $0.27 level for retesting the upward trend line.
If the price is able to break the recent, there is a possibility that the price might head toward the major support of $0.225, losing all the gains it made in the year 2023.
Will $0.255 Level Hold GMT Price?
The Chaikin money flow score is 0.04, which has started dipping after the formation of the current candle. CMF has been hovering near the 0 mark, indicating the bullish trend was not sustainable since the start.
RSI trades at 38.42 and never crossed the 50 mark indicating the bullish momentum was not strong. For GMT price to shift the trend to bullish, it needs to break above the $0.40 level and head toward the annual highs.
GMT price faced strong rejection from the 20-Day SMA and is headed toward the lower band, which resides near the recent support. The long/short ratio is 0.84, with 45.93% longs and 55.07% shorts, suggesting a bearish market for Stepn.
Conclusion:
The market structure and price action for GMT price are highly bearish, and bulls need to step into the market to protect the price. The technical parameters favour the sell side and indicate the price might fall to recent support.
Technical levels
Major support: $0.2550 and $0.2250
Major resistance: $0.30 and $0.34
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 crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and 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.
Source: https://www.thecoinrepublic.com/2023/05/21/stepn-price-prediction-gmt-price-breaks-out-of-upward-channel/