After being the highest gainer against tether (USDT), STEPN (GMT), has been struggling to make a move in recent months. Despite relief from the market and many altcoins showing double-digit gains across the board, the price STEPN (GMT), is still struggling to climb to $1 despite it seeing some strength. (Data from Binance).
Weekly Chart STEPN Token Analysis
GMT’s price dropped from $4 to 0.63. This is despite good fundamentals. After touching $0.63 per week, the GMT price rebounded and reached $0.95. This was a sign of great strength but it was quickly rejected by the market as the resistance area to GMT’s price.
GMT’s price on the weekly chart was in a range of $0.6 to $1 as it continued trading with very little volume and couldn’t break out of this range channel. The price must be supported by good volume if GMT is to move out of the range channel. After several unsuccessful attempts, it has been difficult for GMT to overcome resistance at $1.
The GMT price must break above $1 and close with volume to allow for a rally to $1.5, which would be resistance. Breaking the close of GMT price above $1 will signal a strong relief bounce.
We could see GMT’s price dropping if it fails to maintain its support of $0.63 (which is considered a demand area).
Weekly resistance for the price of GMT – $1-$1.5.
Weekly support for the price of GMT – $0.63.
GMT On the Daily (D) Chart Price Analysis
GMT price movements continue to decline daily as they remain in line with the downward trendline within an asymmetrical wedge. This structure could continue and the GMT price may retest the $0.6 support zone.
The GMT price must break out from the downtrend to allow the price to trend higher. A breakout of this downward-trending structure would be an indication that bulls are starting to feel relief.
The price of GMT currently trades at $0.66 on a daily basis. This is because GMT’s daily price closed below 50 Exponential Moving average (EMA) which acts as resistance to GMT’s price. For GMT, the resistance level at 50 EMA is reached by the price $0.8. To trend towards $1, GMT’s price must reclaim 50 EMA. If the price does not reclaim the resistance at $0.6 we might see it retesting support at $0.6.
Relative Strength Index for GMT (RSI) is higher than 50 on the daily charts, which indicates low volume buy orders.
Daily resistance for the GMT price – $0.8-$1.
Daily support for the GMT price – $0.6.
Featured image from Freepik Charts From Tradingview
