• February hasn’t been a good month for GMT, the main crypto token that powers STEPN’s popular move-to-earn (M2E) platform.
• GMT has been forming a bearish flag structure which could result in a bullish breakout to retest of annual highs.
• If GMT is to break above the bearish flat structure, it must overcome key resistance levels including the 100 and 21-Day Moving Averages, the 50 and 200-Day Moving Averages, and the important support-turned-resistance $0.49 area.
Overview of STEPN (GMT)
STEPN’s GMT token is up 38x since its ICO in March 2022 at $0.01. The project has built one of the most popular existing move-to-earn platforms currently out there, but it has big limitations such as requiring a hefty initial investment in trainer NFTs before users are able to start earning for moving, and users not being rewarded for all forms of activity only measurable movement.
Unlike for the rest of the cryptocurrency market, February hasn’t been a good month for GMT as it was last changing hands in the $0.38 area, down about 30% this month despite major cryptocurrencies Bitcoin and Ether both trading with monthly gains of 1-3% and total crypto market capitalization up around 2.5%.
GMT has been forming a bearish flag structure which could result in a bullish breakout that could open the door to a retest of annual highs – bearish flag patterns often form during a bull market consolidation phase. But if GMT is to break above this pattern, it must overcome multiple key resistance levels including:
• The 100 and 21-Day Moving Averages
• The 50 and 200-Day Moving Averages
• The important support-turned resistance $0.49 area
Bulls will be hoping that the broader crypto market rally can pick up once again in March and bring some buy pressure back to GST coin. However macro headwinds such as fresh stronger than expected US data may continue to cap upside if markets continue to price in an aggressive Fed tightening schedule for 2023.
In conclusion STEPN’s (GMT) performance this past February hasn’t been great but bulls are still hopeful due to potential bullish breakout opportunities from bearish flat structures that may open up doors for retesting annual highs if they can overcome key resistance at certain points such as 100 & 21 day moving averages or 50 & 200 day moving averages as well as an important support turned resistance level at 0.49$ per token level