- GMT token price is reversing down from the supply zone and failed to hold the 50 day EMA
- Stepn crypto price is down by 18.33% on the weekly basis and formed a bearish reversal pattern
- Technical indicators of GMT token is turning bearish
Stepn(GMT) token prices are trading with bearish cues and bear’s are trying to keep the prices below the 50 day EMA to show its dominance on the higher levels. However, the prices are near to the oversold zones and may witness some relief rally from the lower level. Currently, The pair of GMT/USDT is trading at $0.3956 with an intraday loss of 6.43% and the 24-hour volume to market cap ratio at 0.3519
Will the Stepn token price bounce back again?
Stepn(GMT) token prices had shown a surprising recovery of 195% from the yearly lows and created a hope for the bullish trend reversal but prices seem to be lacking momentum on the higher levels and reversed downward after getting rejection from the 200 day EMA hurdle zone.
In the mid of January, GMT prices had breakout of the narrow range consolidation zone and reclaimed the prices above the 50 day EMA which has turned the short term trend in the favor of bulls but unfortunately bulls unable to hold the prices at the higher level and took downside reversal from the swing high hurdle at $0.6702 which shows that bear’s are dominating in the supply zone and it will be difficult for bulls to regain the previous losses. Recently, GMT prices are consolidating near the support level of $0.4000 which might be an important zone for the bulls and buyers try to bounce back again. However, As of now, no signs of recovery is visible in the prices.
On the other hand, if GMT prices closes below $0.4000 support level then it will create concern for the long term investors and prices might try to re-test the yearly lows.The technicals indicators like MACD has generated a negative crossover indicating the bearishness to continue for some more time whereas the RSI at 37 denotes that the prices are near to the oversold zone and may witness some buying form the lower levels.
Summary
Stepn(GMT) token prices had rejected the 200 day EMA and formed the bearish reversal pattern which has derived negative sentiment and also created a concern for the long term investors. The technical analysis suggests that if prices trades below the 50 day EMA then it will be better to avoid creating any long positions. However, if overall market sentiment improves then traders may expect some positive surprises.
Technical levels
Resistance levels : $0.6700 and $0.8000
Support levels : $0.3000 and $0.2000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/13/stepngmtprice-rejected-200-emais-the-recent-rally-a-bull-trap/