Stepn’s price looks extremely oversold following several drops in the last four months. It has lost over 50% during this dip and also trades near its previous bottom with no sort of recovery at the moment.
GMT tapped $0.688 in the first quarter following a sudden price movement later encountered a resistance and started to lose momentum. The price picked up in mid-March and surged for days before dropping slightly to close the month on a bearish note.
The second quarter opened in a neutral mode but later turned bearish due to a sharp breakdown at $0.35. It retested that price area in late May and released a heavy drop to the low of $0.25 last week. The price bounced slightly off that for a retest before releasing more drops.
Looking at the market structure, it appeared to have completely washed away the yearly gain following the deeper correction over the past months. More losses are likely to surface if the price drops further in the next few days.
Despite that, there’s still hope for the bulls as this correction provided a big discount and buying opportunity for long-term holders. Technically, the buyers are likely to step back soon. If they do, a lot of buying would come into play for a change in trend – a bullish reversal.
Last December’s low remains a key defence line for the buyers. If it breaks, the bulls could suffer more loss in the bears’ hands as they might remain in control.
STEPN Key Levels To Watch
The past five days look calm after retesting March’s low of $0.288. If the price increases, it may face another rejection at $0.30, where the resistance line lies. The resistance levels to watch for the breakup are $0.38 and $0.4.
While last week’s low of $0.25 and last December’s low of $0.222 serve as defence levels for the bulls, the $0.2 and $0.15 levels are supports to watch for a breakdown.
Key Resistance Levels: $0.3, $0.348, $0.40
Key Support Levels: $0.25, $0.222, $0.2
Spot Price: $0.277
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.