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GMT at Menace as STEPN Network Activity Plummets

GMT at Menace as STEPN Network Activity Plummets

STEPN’s GMT token appears to be primed for a spike in volatility as task on the app continues to enlighten no.

Key Takeaways

  • STEPN’s app task has vastly declined throughout the final two months.
  • Within the intervening time, GMT is preserving up inner a tight tag vary. 
  • If GMT Dips below strengthen at $0.79 it will also end result in nice losses. 

Web3 “switch-to-attach” app STEPN hasn’t registered any recent users on its BNB chain version within the past three days whereas task from reward users continues to enlighten no.

STEPN at Menace of Steep Correction

STEPN’s GMT token appears to be like primed for a first-rate tag moment.

GMT within the intervening time trades 77% below its all-time high of $4.2o performed in expressionless April. The token immediate recovered throughout the final month after hitting a low of $0.53 on June 13. Accrued, STEPN appears to be like to be locked in a stagnant length with out providing a clear rate of the attach it’s heading subsequent.

The 12-hour chart exhibits that GMT’s tag action has shaped an ascending triangle. The consolidation sample anticipates that after STEPN breaches the $1.10 resistance or the $0.79 strengthen level, a 50% tag movement also can unbiased note. This scheme is derived from the height of the triangle’s Y-axis.

STEPN GMT price chart
GMT/USDT 12-hour chart. (Source: TradingView)

Even supposing technical indicators repeat indecision around GMT’s tag, the on-chain task appears to be relatively pessimistic. The selection of packed with life gamers on the BNB chain version of the game has plummeted by nearly 96% within the final two months, and no recent BNB gamers savor joined within the past three days. A associated trend is also taking half in out on the app’s flagship version on Solana. After registering an all-time high of 104,149 users on Can also 26, there are in point of fact handiest 20,777 gamers as of July 14, representing an 80% tumble in task.

STEPN Network Activity
STEPN BNB chain packed with life users. (Source: Dune Analytics)

While user task exhibits STEPN is in decline, it is vital to attend for a decisive discontinuance of GMT’s tag out of doors the $1.10 to $0.79 vary before coming into serious just a few protracted or short region. Easiest a sustained catch away of this hobby zone can assist choose the attach GMT will lumber subsequent. Till that occurs, warning is told.

Disclosure: At the time of writing, the author of this half owned BTC and ETH.

For added key market trends, subscribe to our YouTube channel and catch weekly updates from our lead bitcoin analyst Nathan Batchelor.

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