STEPN (GMT) Reclaims 54-Day Support Area After Deviation

STEPN (GMT) has broken out from a short- and a long-term resistance line and is gradually moving towards its range high.

GMT had been falling underneath a descending resistance line since May 13. The downward movement led to a low of $0.53 on June 13. Initially, this caused a breakdown from the $0.84 horizontal support area. 

However, the price has been increasing since and broke out from the descending resistance line on June 20 and reclaimed the $0.84 area shortly afterwards. This renders the previous breakdown as only a deviation (green circle). All-in-all, the support area has been in place for nearly 54 days.

If the upward movement continues, the closest resistance area would be at $1.34.

Short-term movement

Cryptocurrency trader @Celtralt tweeted a chart of GMT, which shows that the price has bounced at a horizontal support area.

Since the tweet, the price has also broken out from a short-term descending resistance line. It is currently attempting to move above the 0.618 Fib retracement resistance level. It made an unsuccessful attempt at doing so on June 5 and is now gearing up for another attempt.

If successful in doing so, the price would be expected to increase towards the $1.34 resistance area. 

GMT wave count analysis

The most likely wave count suggests that the price is in the C wave of an A-B-C corrective structure (black). Giving waves A:C a 1:1 ratio would lead to a high of $1.34. There is a clear five sub-wave upward movement (red) that completed wave A.

If waves A:C have a 1:1 ratio, this would lead to a high of $1.34, taking the price all the way to the main horizontal resistance area.

For Be[in]Crypto’s latest bitcoin (BTC) analysis, click here

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.