Market Analysis

STEPN PRICE ANALYSIS & PREDICTION (January 8) – GMT Breaks Higher Amid Slight Market Recovery, But This Bearish Signal Is Worrisome

While most gaming cryptocurrencies bounced back from their weekly lows, GMT saw the most recovery overnight as it leads the top-gainer chart with a 50% surge in the last 24 hours. Now trading near its one-year high.

After witnessing an impressive bullish run in the last quarter of 2023, Stepn registered a notable gain and ended the year on a strong note. 

The year 2024 came with a sudden shockwave and the price crashed slightly below $0.27 this week. This triggered a lot of bearish sentiments amongst some traders as they panic sold their positions on the spot trading. That boosted a conviction amongst short traders as they initiated short positions on futures.

Unfortunately, smart traders took advantage of the shallow pullback, bought the dip and the price moved in the opposite direction, liquidating millions of short positions and at the same time leaving spot traders in disbelief.

Flipping through $0.39 – previous resistance – to a ten-month high earlier today, GMT tapped the $0.42 range and dropped slightly to a current trading level of $0.41. The main target level for this breakout is last March’s high.

However, it is important to pay attention to a potential bearish divergence signal on the daily chart. Looking at the price and the volume, which is in disagreement, GMT is likely to reverse the trend anytime soon. A possible drop might be around the corner. 

If the setup fails, we can expect more upsurge in the future. So far, it has traded roughly $577 million in terms of volume over the last 24 hours.

STEPN Key Levels To Watch

Source: Tradingview

The immediate resistance level to watch for an increase is $0.435 and $00.50 – tested in March 2023. If the price breaks through, the $0.55 and $0.6 would be the next stop for the bulls.

Right now, the $0.375 level is held as support. If the price drops below this level, the lower levels to consider for support are $0.32 and $0.27.

Key Resistance Levels: $0.435, $0.50, $0.55

Key Support Levels: $0.375, $0.32, $0.27

  • Spot Price: $0.41
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: ayupradhita/123RF // Image Effects by Colorcinch

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