GMT (StepN) in a hellish fall – Investors won’t set foot there again?

The first half of 2022 was marked by rich emotions for StepN users. After a trend that reached peaks, sports investors who were running to win their cryptocurrencies were caught off guard by the company’s questionable choices and rather clumsy tokenomics that failed to cope with the selling pressure. This is partly explained by the increase in the number of users with tokens following the use of the application. But then, where is the situation of assets on the financial markets? Is he in a complex situation? Without further ado, let’s get to the analysis.

This market analysis is brought to you in collaboration with CryptoTrader™ and its algorithmic trading solution finally accessible to individuals.

The breakout of a major support is currently in progress

GMT rate against the dollar on a daily scale (1D)

After the powerful GMT rise during the month of March and April 2021, the asset recorded a all time high at $4.17, the asset fell sharply for several weeks before moving into a range from June to August 2022. The support at $0.80 was broken down to become resistance during the month of September . In recent weeks, the asset has moved closer to its support that it is currently breaking down. This is at 0.565/0.577 dollars, the GMT has never closed below this level since the second half of May. Will the situation change?

If a GMT close is set to occur below support and the price fails to re-enter it, the new bearish target will be at $0.4. It is a technical level on a daily scale on which the price could react. Of course, if the macroeconomic situation is deteriorating and that the traditional markets decide to register a new bearish leg, the future of the GMT will be darker, the course could continue to fall without difficulty under the 0.4 dollar.

On the other hand, what would be the conditions to be met for the GMT to be able to perform an upward trend reversal on the daily scale? A return of the course above its pivot zone at 0.65 dollar (blue zone) as well as the crossing of the trio of EMA 13/25/32. Since the end of August, the course has been repeatedly reject on these levels. If GMT actually reaches support with price acceptance above these technical indicators, the signal of an upward reversal on the daily scale will probably be confirmed.

GMT Pushes Down on H4 Scale?

GMT price against the dollar on the H4 scale
GMT price against the dollar on the H4 scale

Since October 11, the asset has broken its uptrend by registering descending lows and highs. He failed to maintain its pivot zone and turned its support (gray area) into resistance. Additionally, a technical zone at 0.594 was also broken on the downside, the GMT made a bearish rejection on this level and failed to hold above the trio of EMA 13/25/32.

Currently, the challenge is simple: quickly regain support at 0.565/0.577 dollars. If the GMT fails to register a new bullish high, it is very likely that we are witnessing a continued decline price action with new lows and bearish highs. In order for the price to rise again on the H4 scale, the GMT will have to resume the 0.60 dollar. In this context, the asset could move towards the upper pivot zone (shown in blue) and operate the beginning of a bullish reversal on the daily time unit that we had studied previously.

Here we are at the end of this analysis of GMT, one of the assets of the StepN application. You can see that the price has gone through a strong negative period and that it hasn’t come out of it yet… Will it succeed in rising again? To achieve this, he will have to overcome the technical levels that have been mentioned throughout the analysis. It will not be an easy story, the macroeconomic and political context can strongly influence the direction that the price will take.

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John R. Zepeda

I have extensive experience working as a content writer in the areas of cryptocurrencies and finance, where I create interesting pieces that both inform and engage their audiences.

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