Following this week’s recovery, STEPN (GMT) initially lagged in the actions but later increased with a daily 5% gain. It has found strong support and aims to rally hard in the coming week.
GMT has shown signs of strength after experiencing a decline in the past weeks. After establishing support at $0.36 this week, it saw a quick buyback to a current trading level of $0.4.
This steady push suggests that the buyers are stepping back after a long break. A massive surge in volatility could be underway. The target price area for this surge is last month’s resistance level.
A successful increase above the mentioned resistance could pave the way for an extension towards the orange supply zone, which marks a breakpoint for a bull run. That should trigger a big price movement in the future. However, the rally is just taking off.
However, if the price declines due to sudden reductions, the cryptocurrency could revisit the $0.385 level to restart the positive actions. A continuous drop in price could put the asset in a serious bearish condition if it plunges below the monthly low.
The current setup indicates that the bulls are gaining control. As a result of this, GMT has registered almost 7% gains in a week. It remains one of the best-gainers in the Gaming and NFT space over the past hours.
STEPN Key Levels To Watch
Source: Tradingview
The immediate resistance level to watch for an increase lie at $0.415 and $0.5. The following resistance to watch above that level is $0.57 and $0.64.
GMT held weekly support at $0.36. If the price loses this support, the potential levels to watch for selling would be $0.29 and $0.23.
Key Resistance Levels: $0.416, $0.5, $0.572
Key Support Levels: $0.36, $0.29, $0.23
- Spot Price: $0.4
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: kviztln/123RF // Image Effects by Colorcinch
