Stepn Price Analysis: Is GMT Anticipating to Recover till the $1.00 mark, Once Again?

• Stepn Price is trading below the downward sloping line over the daily chart.
• The crypto asset slumps below 20, 50, 100 and 20-days Daily Moving Average.
• The pair of GMT/BTC is at 0.00003025 BTC with an intraday drop of 28.20%.

Stepn price has lost massively that is upto 30% of its market capitalization in the last 24-hour period. The token now falters below the $1.00 mark. However, GMT token has shown some promising recovery phase by surging till $4.50 and making its all time high, just after one month of its listing in March 2022. GMT is said to be the best cryptocurrency asset to be invested in 2022. Adding up some pudding to the cake, GMT is said to surpass its all time high at $4.50 by the end of 2022. 

What is Stepn(GMT)?

Stepn(GMT) is one of the prominent cryptocurrency tokens created using the Solana Blockchain. According to the experts the significant uptrend in GMT price is due to the hype all around about DeFi projects which rewards users for being active. STEPN rewards its users for jogging, walking and running.

GMT token price fell abruptly below the $1.00 mark due the ongoing bear market. All other altcoins falter to seek support and are rallying bearishly over the charts. This bloodbath of the whole cryptocurrency market haunts the investors and generates panic all around. However, the calm ones or the ones with diamond hands are waiting for the opportunity to enter into the market with their securities. This is a great opportunity for the traders to invest and get good returns in the long run from some valuable and reputed digital assets. 

Meanwhile, volume change is currently below the average and needs to grow for GMT to break out of the psychological barrier of $1.00.

Know the Upcoming Bullish Hurdles for GMT Token

GMT token falters to sustain above the $1.00 bullish hurdle and now GMT bulls need to accumulate themselves to rescue the token over the daily chart. GMT also stands below 20, 50, 100 and 20-days Daily Moving Average and now should aim to break out of the 20 SMA first then go for the other remaining bullish hurdles. GMT investors must plan to eliminate the respective bullish hurdles to overcome the falling trend. Technical indicators suggest some interesting facts regarding the GMT token’s recovery.

Supertrend at first signifies GMT token’s bearish rally over the chart. GMT went into the bearish rally since 2nd May and now falters below the $1.00 psychological barrier. 

Relative Strength index showcases that GMT is preparing to register its return from the oversold territory. RSI is at 27 and investors may witness any uptrend momentum as soon as RSI jumps above 30.

MACD exhibits bearish rally of GMT token. The MACD line is way below the signal line after a negative crossover.

Conclusion

Stepn price has lost massively that is upto 30% of its market capitalization in the last 24-hour period. The token now falters below the $1.00 mark. GMT investors must plan to eliminate the respective bullish hurdles to overcome the falling trend. Technical indicators suggest some interesting facts regarding the GMT token’s recovery. GMT investors need to wait for any strong directional change over the daily chart.

Technical Levels

Support Levels: $0.77 and $0.50

Resistance Levels: $1.00 and $1.50

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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