Sam Cooling
Top Play-2-Earn (P2E) project STEPN (GMT) seems set for a decisive make-or-break moment next Monday (Feb 27).
An imminent collision between price action and the lower support trend could see technical rally structure collapse for GMT’s short-lived airdrop rally.
STEPN’s ‘New Horizon’ initiative phase 1 has seen a GMT airdrop to holders of ‘Genesis sneaker’ NFTs (the original P2E sneakers available on the app).
With as much as 32,000 GMT (over $10,000) airdropped depending on the rarity of the NFT held, the STEPN community rallied – bolstered by the possibility of a recovery for the struggling project.
Fuelled by a background of positive macro sentiment the news posted a whopping +195% recovery rally in January.
However, February saw prices hit stiff resistance at $0.70, and this gave way to a bleeding retrace – with price tumbling -40%.
In the past two weeks, the bleed out slowed with GMT seemingly securing a foothold and establishing a consolidation level above $0.40.
But currently price action is trapped under an unbroken ceiling of resistance from the steadfast 200 Day MA.
Worse still? With technical rally structure hovering at these levels for over a fortnight, price action is now headed for a collision with the lower support trend (expected Monday).
A collision here would force a decisive break or bounce – that could see rally technical structure completely collapse – creating a confirmed bear trend.
Has STEPN (GMT) Run Out of Steam?
On the upside, a bounce here (which must successfully break through the 200 Day MA resistance) could flip $0.55 back to support.
This would set the stage for an upside target of historic resistance around $0.80 – representing a +91% move from here.
On the downside, a break here would collapse technical structure and certainly head south to 2022’s bottom around $0.25.
Representing a -40% move this would likely be a capitulative outcome for GMT and STEPN.
Currently trading at $0.41 (-0.74% 24hr change) – indicators illuminate the importance of this decisive moment further.
With the RSI riding low at 38.88 – a clear signal of bullish divergence – this could indicate an imminent bounce.
Indeed, the RSI hasn’t overheated in over a week – revealing that GMT might well be oversold.
By contrast, the MACD is signalling minor bearish divergence around -0.0008 – this reflects the suppressed price action below the 200 Day MA.
Overall, with an upside target of $0.80 (+91%) and a downside risk to $0.25 (-40%) – GMT’s Risk: Reward Ratio is 2.32 – a very attractive entry.
While this could be a moonshot trade, it certainly isn’t one for the faint hearted – another rejection off the 200 Day MA would send GMT tumbling – it wouldn’t be pretty.
Walk the Way of the Warrior: Fight Out (FGHT)
However, with the Play-2-Earn narrative firmly back in market view following the STEPN airdrop, many investors are looking to find safer GameFi trades with better upside potential and less precarious price action.
One solid contender, garnering significant attention on crypto twitter is Fight Out (FGHT).
Positioning itself as more advanced and better developed STEPN. This new play-2-earn dApp aims to take you on a journey to becoming your ultimate fighter self.
Where STEPN failed – with one-dimensional pedometers measuring step-count and an overpriced ecosystem that forced players into heavy transaction to unlock any real return.
Fight Out intends to succeed, instead offering a high-tech multi-dimensional app that’s able to measure and reward all kinds of exercise, from time spent training in the boxing ring to late-night sessions pumping iron in the gym.
$4.6M RAISED!
Another milestone achieved ✅
Remember, the price of $FGHT will increase every 12 hours, so secure your spot NOW!
Join the presale and claim up to a 67% bonus https://t.co/haIxEVqMBr#Presale #CryptoCurrency #PlayToEarn pic.twitter.com/wHxe55AGDh
— Fight Out (@FightOut_) February 23, 2023
All of this is based around a soul-bound avatar (think of this like a STEPN sneaker that can’t be bought or resold) – custom designed by the player this NFT embodies the user’s fitness journey.
As you train and work out, this is recorded, and levels up your soulbound avatar’s stats in real time – while also earning you in-game $REPS tokens.
These $REPS tokens are redeemable for network native $FGHT which can be cashed out, spent in the NFT marketplace, or put up for grabs in high-stakes PVP community competitions that pit you against other users to see who can train hardest that week.
What’s more? As part of an emphasis on community development Fight Out have partnered with a number of elite athletes to lead community training sessions including world champion boxer Savannah Marshall.
To make the most of the Fight Out presale you will need to act quick – with more than $4.5 million raised and presale token prices increasing incrementally every 12 hours in a Dutch-style fair launch.
The Fight Out team recently announced the launch of a lucrative referral promo link program. This gives users the ability to receive a 5% commission for signing up their friends!
All users need to do is go to the Fight Out homepage, connect a valid crypto wallet, and then click on the 5% referral link button.
At this point, a unique referral link will be generated to earn you commission! Share the link with friends and family or post it to your social media.
This means every time someone buys the $FGHT token – you receive 5% of the purchase amount!
Join the future of Play-2-Earn with Fight Out here.
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Fight Out - Next Big Train-to-Earn Crypto
- Backed by LBank Labs, Transak
- Earn Rewards for Working Out
- Level Up and Compete in the Metaverse
- Presale Live Now - $5M Raised
- Real-World Community, Gym Chain
This article was written for Business 2 Community by Sam Cooling.
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