Will GMT Crypto Price Hit the Mark of $1 in the Upcoming Days?

• STEPN has experienced a significant decline in its trading volume in the last 24 hours.
• The GMT crypto price has increased by 13.1% in the last 14 days.

STEPN is a Web3 lifestyle app that rewards users for physical movement with GMT tokens. GMT is a governance token that can be used for voting, staking, and marketplace transactions. STEPN aims to combine health, environment, and Web 3.0 through its innovative platform.

The trading volume of the STEPN crypto has declined by 66% in the last 24 hours, resulting in a traded volume of $324.392 Million. The market cap of the crypto has also declined by 7.71% and the current market cap value is $561.653 Million.

STEPN has a volume/market cap ratio of 60.45% and the circulating supply of its token is 1.655B GMT while the total supply is 5.438 Billion GMT. Additionally, the max supply of the crypto is undefined.

STEPN Derivatives Analysis

The long liquidation for the STEPN crypto derivatives recorded in the last 24 hours values $1.55M which shows that the sellers are dominating the price. The short liquidation for the crypto is $670.78K. 

The derivatives trading volume has declined by 70.5% and the open interest for the crypto has witnessed a decline of 23.6%. The current open interest value of the GMT crypto is $85.55 Million and the long/short ratio of the crypto is 0.9623.

GMT Crypto Technical Analysis

The GMT crypto price is still in a downtrend even after an increase of 135% in the price from the most recent low. This is because the rising momentum in the price has not yet broken the crucial resistance levels. 

Therefore, one must wait for the crypto price to break above the crucial swing highs before making any bullish investment in GMT.

GMT/USD Chart by TradingView

On the daily chart of the GMT crypto, the 50-day and the 200-day EMAs have formed a fresh bullish cross on the charts and the price is slowly rising to higher levels. 

The RSI is also pointing to bullish momentum and is giving a buy signal as it is sustaining above the 50-level. Currently, the RSI is situated at a level of 54.42.

Conclusion 

STEPN is a Web3 app that rewards users with GMT tokens for physical activity. GMT is a governance token with multiple uses. STEPN has a strong market cap and a low supply. The price of GMT is showing signs of a bullish reversal and it could reach $1 if it breaks above the level of $0.700 and sustains above the breakout level.

Technical Levels

Support Levels: $0.1400 and $0.2500

Resistance levels: $ 0.6800 and $1.1400

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.