Many altcoins have rolled back to previous lows during a recent meltdown, including GMT which is now trading near March’s low following a 20% dip in almost two weeks.
Stepn‘s GMT has been in a calm consolidation phase since the start of the week. While it took a break and waited for the next move, the $0.3 price level is bolstered as weekly support.
Aside from that, it has established support above the $0.2 level in the past year. Should all these levels crack as a result of the crash, the cryptocurrency will experience a huge loss that could bring the price as low as $0.1 within a short period.
But looking at the price actions from a technical standpoint, GMT appeared to have found a bottom since late 2022. The setups may look uninteresting right now, but we can expect a major price movement to come into play soon.
The market structure looks extremely bearish on the daily chart, but there’s a possibility of a trend reversal if the current candle formation turns out bullish.
If such a scenario fails to occur and more lows are claimed, the price will keep falling until it finds support. On a yearly scale, the price is down by 90%, looking cheap and at the same time providing a huge discount for a long-term buy.
STEPN Key Levels To Watch
Source: Tradingview
Breaking below the current consolidation phase, the potential support levels to keep in mind are $0.288 and $0.222. The last defence line for the buyers lies at $0.2 before collapsing the level.
While anticipating a possible bounce, the closest retest level to pay attention to is $0.4. After that, the resistance level to keep an eye on the way up is $0.5, followed by $0.572 and $0.64 before rising further.
Key Resistance Levels: $0.4, $0.5, $0.572
Key Support Levels: $0.288, $0.222, $0.2
- Spot Price: $0.33
- Trend: Neutral-Bearish
- Volatility: Low
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
