GMT Price Falls Below $1: Is STEPN Project Dead?

In this article, we talk about a cryptocurrency called STEPN (GMT). This article is all about GMT price prediction.

Prasanna Peshkar

Prasanna Peshkar

June 11, 2022 8:13 AM

GMT Price Falls Below $1: Is STEPN Project Dead?

Since the start of the year 2022, the crypto market has been on the downfall and after various months of declining prices, it is almost definitely now in a bear market. In this bear market, many cryptocurrencies will fade into oblivion. In this article, we talk about a cryptocurrency called STEPN (GMT). This article is all about GMT price prediction. 

What is STEPN Crypto?

STEPN is a Solana-based move-to-earn gaming platform. In this, users can gain tokens by strolling, sprinting, or running. Users must first buy footwear that is suitable for their favored physical exercise before they can start making tokens. This game works as a web3 platform sought at promoting healthy lifestyle demeanors. It achieves this by rewarding people who exert. STEPN combines Game-Fi and Social-Fi factors, according to the official website. Because games incorporate gaming and banking, Game-Fi is a standard element in blockchain gaming. This combo permits users to make money in the real world.

GMT Price is down by more than 8% – What Happened?

In the last seven days, the GMT price has decreased by more than -8%. At the time of writing this, the price is sitting at $0.92. The market response to the TerraUSD(UST) and Terra LUNA situation was pursued by the announcement of the ban on Mainland China users for GMT holders. Soon after the tweet, GMT decreased by almost 40%. It dropped to its most subordinate level in two months as an effect of the decline, This wiped out much of the token’s amazing gains from April. After a rise in April, GMT’s rage soared, shortly putting it among the top-50 cryptocurrencies.

GMT/USD Daily chart – GoCharting

Yet, assuming China’s extensive user command, this move country could establish to be a significant roadblock. GMT has a high obstacle to the entrance because it demands customers to buy its expensive Sneaker NFTs. Even yet, clients buy those. It could be to recover their asset through the profit and trading of GST tokens.

Now, if we observe the daily chart closely, we can see that to be bullish again in the medium or short duration, GMT must touch the price level at $1.07. To achieve the big level at $1.45, GMT will need to remain above the $1.15 price level and the $0.99 key level. If the price level at $1.15 is not maintained, the critical level at $0.99 will be tested.

Should you Buy a GMT token now? Is STEPN Project Dead?

The short is a substantial no. Rebounds in prices are still the aspect of a downtrend. If users failed to set buy orders, putting one now might be too late, as prices can persist more downward. As for the present scenario, it seems that the bulls are scared to force the STEPN (GMT) coin above the current price level. There is no bullish movement before recycling the crucial round level of $1.0.

The Stepn price has lost hugely in the last few days. The token now stutters below the $1.00 mark. GMT investors must prepare to stop the separate bullish limitations to overpower the dropping trend. Technical indicators present some intriguing facts concerning the GMT token’s rally. GMT investors must wait for any substantial directional shift over the daily chart. The project is not dead yet but the project must crack the crucial $1.07 mark in the next few days to recover in the long term.

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Prasanna Peshkar
Article By

Prasanna Peshkar

Prasanna Peshkar is a seasoned writer and analyst specializing in cryptocurrency and blockchain technology. With a focus on delivering insightful commentary and analysis, Prasanna serves as a writer and analyst at CryptoTicker, assisting readers in navigating the complexities of the cryptocurrency market.

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