STEPN price is in the red for giving back most of the gains it accrued during the far-reaching recovery in January and part of February. After exhausting the paralyzing 2022 downtrend in December at $0.2232, GMT climbed from the ocean floor to a new 2023 high of $0.6861. A falling wedge pattern initially cemented the bullish grip on GMT price but the momentum weakened before testing resistance at $0.70.
As one of the leading move-to-earn cryptos, STEPN enjoys the support of more than 580 followers on Twitter. Profit booking coupled with rising turbulence in the crypto market – possibly due to the regulatory pressure and attack from the United States, has seen GMT trim gains by slightly over 10% in seven days and 27.5% in 30 days.
Trading volume has also dropped significantly in the last few days on top of a 24% dip to $880 million in the 24 hours. A diminishing trading volume is worrisome because it shows the unwillingness among investors to accumulate the tokens. GMT price may lack enough momentum to absorb the soaring selling pressure which could perhaps result in more losses.
Can GMT Price Uphold Support At $0.40?
STEPN price is doddering at $0.4 at the time of writing while bulls rush to defend the support at $0.42. Declines from $0.6861 quickly became too strong to stop at $0.50, leaving bulls with no option but to let go so that they can buy back the tokens at a lower price level.
It may not be prudent to trigger buy orders at the moment, especially with bears holding the reins. Overhead pressure is also building up from the confluence resistance around $0.45 as created by the 50-day Exponential Moving Average (EMA) (in red) and the 100-day EMA (in blue).
From the chart, we cannot overemphasize the importance of support in the lower purple band. Holding above this area gives bulls time to stage the next offensive attack on the hurdles at $0.45, $0.50, and $0.70, respectively.
However, if broken GMT price may have no guard rails to hang onto as it seeks the next support. Therefore, bulls would be looking toward $0.30 and $0.20 for support.
Currently, the odds seem to favor a bearish outcome below $0.42 based on a recently confirmed sell signal from the Moving Average Convergence Divergence (MACD) indicator on the daily timeframe chart.
Going forward, investors should keep a close eye on activities around $0.40 while keeping in mind that this pivotal level could set GMT price on a longer downtrend to $0.30 or even $0.20. On the other side of the fence, a rebound from the same level would repair the deteriorating technical outlook.
Investors would begin to reconsider GMT as the price lifts above $0.40. From here, the long positions may be cashed out at $0.7 but stubbornly bullish traders may want to wait until STEPN reaches $1.00.
GMT Price Alternatives To Buy Today
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