Advertisement
Advertisement
STEPN (GMT) Price Prediction: Bulls Eye $0.9 on Network News
By:
STEPN was on another breakout session this morning. A new DEX platform and option to earn delivered strong demand with network updates also positive.
Key Insights:
- STEPN (GMT) is on the move today, with a breakout morning session following a 24.7% rally on Sunday.
- Network update news contributed to the upside and supported last week’s trend bucking gain.
- Key technical indicators are bearish. GMT sits at the 100-day EMA.
On Sunday, STEPN (GMT) surged by 24.73%. Reversing a 2.39 loss from Saturday, GMT ended the week up 12.5% to $0.749.
A broad-based crypto rally delivered STEPN support on Sunday with a relief rally reversing the losses for the week.
This morning, GMT was back on the move, with a bullish morning session bringing $0.80 levels into play.
Ranked #71 on CoinMarketCap, STEPN is looking to outmuscle the broader crypto market for a second consecutive day.
STEPN Upgrade Drives a Second GMT Breakout Session
STEPN is a Solana (SOL) based gaming platform allowing users to earn GMT by being active. Activities include jumping, running, skipping, and walking.
Users must acquire the correct active footwear with GMT to then mint NFTs to take part in STEPN activities.
Market sentiment towards the metaverse and Web3 has been important, though the need to exercise is greater.
Upgrades are on the way, the news of which has supported the GMT upswing amidst heightened crypto volatility.
Last week, STEPN launched DOOAR, a multi-chain DEX. The DEX would provide liquidity providers with rewards, while also easing GMT selling pressure by incentivizing holders to lock in GMT tokens.
Additional network updates have also been pivotal. The STEPN Twitter Account was busy over the weekend.
Market anticipation of the Public Beta Phase IV scheduled for 3 AM UTC on June 21, 2022, added GMT support.
This morning, Stepnoffical reminded the community of the upgrade on Twitter, saying,
“Get ready for the v0.7.3 update! There’ll be a 3-hour maintenance from 3:00 AM UTC + 0 on 21st June 2022 and then the update will be rolled out.”
GMT had taken a hit in May on news of STEPN banning Mainland China users from accessing IP and GPS services.
STEPN cited Beijing regulations for the ban.
GMT Price Action
At the time of writing, GMT was up 3.89% to $0.7776.
A mixed start to the day saw GMT fall to an early low of $0.7075 before rallying to a late morning high of $0.7965.
While falling short of the First Major Resistance Level at $0.8253, resistance at $0.80 pegged GMT back this morning.
STEPN Technical Indicators
GMT will need to avoid the $0.7050 pivot to target the First Major Resistance Level at $0.8259. GMT would need broader crypto market support to break out from the morning high of $0.7965.
In the event of an extended rally, the Second Major Resistance Level at $0.9016 would likely come into play. The Third Major Resistance Level sits at $1.0980.
A fall through the pivot at $0.7050 would bring the First Major Support Level at $0.6290 into play.
Barring another extended sell-off, GMT should avoid sub-$0.60. The Second Major Support Level sits at $0.5085.
The EMAs and the 4-hourly candlestick chart (below) send a bearish signal. At the time of writing, GMT sat at the 100-day EMA, currently at $0.7936. This morning, the 50-day EMA narrowed to the 100-day EMA. The 100-day EMA flattened on the 200-day EMA, GMT positive.
A move through the 100-day EMA would support a return to $0.90.
About the Author
Bob Masonauthor
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.
Did you find this article useful?
Latest news and analysis
Advertisement