Stepn saw a small increase in the last 15 days, but the price looks down today due to the latest drop in the entire crypto market. It lost 1% overnight but still held weekly gains.
Two weeks ago, GMT’s price bottomed at $0.25 after initiating a second leg down from $0.5 in March – a 50% drop in two months. After finding a bottom, the price started to increase slowly until it reached the $0.32 level yesterday.
That price level was rejected after coinciding with a descending trendline, which serves as dynamic resistance for some months. This rejection was also contributed by the latest decrease across the space.
However, the recovery halted and the price is now facing down again, looking for nearby support to refuel the increase. The closest one, for now, is the mentioned bottom where the price started to increase two weeks ago.
Failure to find a solid level around this bottom may lead to another leg down, which could elapse beyond last year’s low. That would result in a massive price crash if such a scenario comes into play.
But if the crypto locates nearby support level with a strong bounce, a push above the descending trendline should signal a bullish reversal on the daily chart. As of now, GMT remains bearish with a total 80% loss on a yearly scale.
STEPN Key Levels To Watch
Considering the latest negative actions, which could drive the price to the previous bottom in the next couple of days, the supports to watch for a fresh leg down are $0.222 and $.0.2.
If GMT rebounds, the $0.32 level remains a crucial resistance for an increase. The resistance levels to watch on the way up are $0.348 and $0.40, sitting well above the trendline.
Key Resistance Levels: $0.3, $0.348, $0.40
Key Support Levels: $0.25, $0.222, $0.2
- Spot Price: $0.273
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.