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StepN’s GMT token is looking to break multi-month highs after a strong showing in recent weeks. However, with the market entering another weekend and gains under threat, what are the asset’s prospects going forward?
Market Adjusts, and So Does GMT
On Friday, the crypto market experienced a bit of a rally adjustment. After an impressive 24 hours in which major altcoins regained some of their milestone points, and the overall market capitalization surpassed $1.05 trillion, prices appear poised for another adjustment as the rally cooled into the early hours of the day.
As expected, the price of StepN’s GMT token has followed this trend significantly. Trading at $0.05947, GMT is down by 7.85% in the past 24 hours – a drop that is steeper than the broader market’s 0.5% decline.
Despite the price drop, GMT isn’t doing so badly on the technical front. The digital asset is trading close to its short-term moving average (MA) indicators, with the 10-day MA standing at $0.06006. And with its price ahead of its long-term MA metrics, GM is still looking quite solid.
A negative moving average convergence divergence (ACD) shows that GMT is giving off a buy signal, and the asset’s relative strength index (RSI) of 36.57 shows that it is not overbought yet.
GameFi and NFT Spaces Poised for Recovery
StepN is a lifestyle and health management platform that incentivizes users to get more active. As users progress with their workouts, they earn GMT as a reward.
For now, the surge in the asset price appears poised by both the improved market conditions and the potential rejuvenation of the GameFi and non-fungible token (NFT) space. With investors having renewed faith that a broader market rally can spark a recovery in activity for these market segments, many are looking to back solid projects that can deliver impressive gains.
Of course, it is worth noting that the market dynamics will still play a major role in determining how to proceed. Consumer Price Index (CPI) numbers reported earlier this month showed that inflation has dropped in the United States. And earlier this week, reports confirmed that the country’s Gross Domestic Product (GDP) grew by 2.9% in the fourth quarter – much higher than analysts expected.
All of this indicates that the Federal Reserve’s monetary policies have been effective. They also lend credence to speculation that the agency is planning to cut interest rates going forward – an action that should lead to a surge in the value of risky assets. However, there has been no confirmation because the Fed has continued to take actions that it believes are necessary to reduce inflation.
Look Out for GMT Alternatives
While investors wait to see how GMT performs over time, several assets are showing signs of significant gains.
MEMAG, the crypto token for the Meta Masters Guild, is one of the hottest new coins on the market right now. MMG is taking gaming to the next level by combining a decentralized community and blockchain technology.
The platform aims to create an engaging environment that encourages entertainment and connection while addressing modern issues gamers encounter. The digital asset has raised over $1.52 million in its presale, and its numbers continue to impress.
Investors can also consider FGHT – the native token for the Fight Out move-to-earn platform. FGHT is the strongest alternative for GMT yet.
Fight Out is revolutionizing the fitness industry with its highly advanced gyms, which will include features such as “mirrors” to display user profiles and sensors for real-time exercise guidance. With over $3.49 million raised in presale, FGHT’s investor demand levels are very high.
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