Tuesday, December 6, 2022

GMT Prices Rebound Sharply After Crashing 80% In A Month

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The GMT prices rebound sharply after recently crashing 80% in one month and one analyst even called STEPN a “hype-driven speculative frenzy” so let’s read more today in our latest altcoin news today.

The GMT prices pushed down due to the downside pressure which seems to be nearing exhaustion. The GMT price rebounded by 35% from $0.80 to $0.99 and the upside retracement started right after the price dropped in the same range and acted as support before the 500% and 120% price rallies in May and March. The rebound then preceded an 80% drop from the record high of $4.50 which was established on April 27 that left GMT in oversold territory as per the daily relative strength index that read a slippage below the oversold threshold of 30 on May 26.

gmtusd
GMTUSD daily price chart featuring Fib support/resistance levels. Source TradingView

The technical support in addition to the oversold RSI suggests that the GMT is in process of bottoming out. Drawing a FIB retracement graph from the GMT swing low leaves a token inside a broader consolidation range that was defined by 0.382 FIB line near $1.50 that acted as an interim resistance while the 0.786 Fib line near the $0.82 served as interim support. The extended rebound move from the $0.82 level brings $1.50 into the upside target level or about 40% from the price level on May 28. the strong upside follow-up can send the STEPN token to the $2 and $2.50 area whcih suggests the market has bottomed out.

The weaker upside follow-up can have the GMT prices retest a $0.82 for a breakdown move to $0.54 and this level is key in capping the token’s downside attempts between Marcy 17 and March 21. from the fundamental perspective, the GMT bias looks skewed to the downside. The token continues to trade in the near-perfect tandem with BTC and other larger-cap altcoins as per their daily correlation coefficient readings. If BTC continues to struggle below $30,000, it can take GMT lower due to the consistent positive correlation with the token.

gmtusd
GMTUSD daily price chart. Source TradingView

GMT can drop due to the rising uncertainties with the STEPN Busienss model whcih involves paying users for exercising either by jogging, running, or walking. STEPN has a huge entry barrier and makes people acquire its expensive Sneaker NFT  but people buy these digital issues for hundreds of dollars and anticipate that they will recover their investments by earning or selling GST tokens.

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