Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought-about funding recommendation.
The play-to-earn recreation STEPN was an try and revolutionize the health functions market. It had a profitable IDO in March 2022, and the worth of its token GMT has rocketed to $3 late in March, and to $4.17 in late April.
A dump again towards the $2 space of demand was seen on the charts- however can bulls defend this space? Bitcoin has been weak previously few days as properly. Prolonged bearish situations throughout the market will possible see GMT drop additional south than the $2.1 help stage.
GMT- 6 Hour Chart
Supply: GMT/USDT on TradingView
The $2.1 stage acted as robust help for GMT in April, and the bulls have been capable of accumulate and drive costs to $4.1 later in the identical month. Previously two weeks, GMT had reached its zenith and has been sinking on the charts.
The $3.1-$3.2 space had been recognized as a decrease timeframe demand space, however the sellers have been capable of smash proper previous this zone previously couple of days. It did see a bounce in value from $3.2 to $3.5, however no additional.
Within the days to return, the $2.1 and $1.8 ranges might function help. There seemed to be yet one more wave of promoting behind Bitcoin. Therefore, GMT bulls might battle to impact a reversal within the subsequent week or two.
Rationale
Supply: GMT/USDT on TradingView
The RSI on the 6-hour chart headed into the oversold territory, however that doesn’t point out a bounce across the nook. It’s simply a sign of the closely bearish momentum GMT has confronted previously few days.
The A/D did dip decrease previously couple of weeks, however not by a big margin. Subsequently, whereas there was good promoting quantity in latest days, it was not as heavy because it was on the drive upwards.
Conclusion
Bitcoin has been weak previously few days as properly. Prolonged bearish situations throughout the market will possible see GMT drop additional south than the $2.1 help stage. Worry is dominant within the markets, crypto in addition to the worldwide inventory markets. Therefore, the $2 space may not be a shopping for alternative, and shopping for may not be protected till the markets present robust indicators of reversal.
