GMT up 30% in the past 24 hours! Is this the End of the Crash?

The crypto market showed a green day for the first time today. Many cryptos rebounded higher after reaching their respective support prices. STEPN was one of those crypto projects, but also one of the best from the top 100. GMT token soared by more than 30%, reaching $1.60 after a harsh crash that sent prices down to $0.78. Why is GMT up? Did the crypto crash end? Should you jump back to buying cryptos? Not so fast…read on!

What is STEPN Crypto?

STEPN is a Solana-based move-to-earn gaming platform where players can earn tokens by walking, jogging, or running. You must first purchase footwear that is appropriate for your favorite physical activity before you can begin earning tokens. This game functions as a web3 platform aimed at encouraging healthy lifestyle behaviors. It accomplishes this by rewarding people who exercise. STEPN blends Game-Fi and Social-Fi aspects, according to the official website. Because games integrate gaming and banking, Game-Fi is a common aspect in blockchain gaming. This combo allows you to make money in the real world.

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GMT Price up by more than 30% – What Happened?

After a crash that lasted several days, today is the first day where prices managed to turn green. GMT prices specifically jumped by more than 30% in the past 24 hours. In figure 1 below, we can clearly see the previous resistance of $0.80 turned into a current support for GMT. When prices started to crash, this price was apparent as the next support.

Plotting the Fibonacci retracement from when the crash started till this strong support line gives the perfect take-profit target for day traders (38.2% retracement level, or the $1.5 price).

GMT/USD 2-hours chart - is GMT up?
Fig.1 GMT/USD 2-hours chart – TradingView

Should you Buy GMT token now? Is the Crash over?

The short is a definite no. Rebounds in prices are still part of a downtrend. If you failed to place buy orders, placing one now might be too late, as prices can still continue lower. In figure 2, we show the formation of a descending triangle. This technical formation is usually bearish and signals a slight consolidation before continuing lower. It is very dangerous to place buy orders inside this triangle.

GMT/USD 2-hours chart showing the descending triangle formation in GMT up
Fig.2 GMT/USD 2-hours chart showing the descending triangle formation – TradingView

You can only place buy orders in case prices manage to break the upper side of the triangle. Even in this case, placing a stop-loss order is crucial, especially in a bearish crypto market.


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Source: https://cryptoticker.io/en/gmt-up-30-in-the-past-24-hours-is-this-the-end-of-the-crash/