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STEPN, the first NFT initiative based on the move-to-earn concept, has seen a 107% increase in price in the past month. The healthy lifestyle app, which combines social finance and play-to-earn games, has been gaining popularity. What is driving this token’s price up? And where should you expect the price to go. Let’s explore all this in todays GMT price prediction.
GMT Crypto Token Rallies
Since the start of the year, the broad rally in cryptocurrencies has caused unpredictable upside bursts in altcoins, such as GMT, to become more commonplace, indicating that risk appetite is returning to the market. GMT, the crypto token that powers STEPN’s web3 fitness ecosystem and application, from trading close to 26% higher at the beginning of the week.
https://twitter.com/MasverseHub/status/1617844681093808131?s=20&t=QH4iA4fekXINnJSTSciUHQ
STEPN (GMT) Token Utility
STEPN is a healthy lifestyle app with social finance (social) and play-to-earn (games) components. It is the first NFT initiative based on the move-to-earn concept. Before receiving a $5 million funding round from private equity powerhouse Sequoia Capital, STEPN won the 2021 Solana Ignition hacking challenge.
In March 2022, the Metaverse Token (GMT), STEPN’s governance token, went live on Solana. GMT owners can propose and choose project developments and treasury distribution.
The STEPN gaming component aims to persuade millions to lead better lifestyles, fight climate change, and steer clear of driving high-emission vehicles. On the other hand, the Social Finance component of STEPN attempts to create a platform that supports user-generated web3 content.
GMT Technical Analysis
At the time of writing, the price of STEPN (GMT) is $0.575571, and its 24-hour trading volume is $419,082,990. The price has dropped by -10.9% in the last 24 hours with a circulating supply of 600 million GMT coins and a total supply of 6000000000.
At around $0.23, where there appears to be an area of interest on the daily chart, the price of GMT found solid support. GMT created a bullish trendline that serves as a support after it bounced off its support, and it has continued to maintain this structure.
GMT’s decline from earlier highs at $0.68 is probably caused by short-term bullish speculators taking profits. GMT may surpass this resistance level if the broader crypto rally continues this week, which is likely. If so, a run-up toward the $0.90 balance region might be possible.
The 50 exponential moving averages (EMA) cross-correlating to the resistance at $0.33 are being tested by the price of GMT, which is currently trading at $0.33. $0.90 would be decent resistance to hold sell-offs if the GMT price cannot break through the 50 EMA region to the downside.
The price of GMT may break out and retest $0.68, which has been resistance on the weekly chart, with other purchase offers.
GMT Price Prediction
GMT is on the journey to recovering new levels following a series of bullish flows. According to the daily chart. GMT may reach the $0.9 level by the end of Q1 of 2023. We, however, foresee a reverse trend at the $0.68 resistance level. The double-top pattern formation at that particular point confirms the reversal.
The Ravecoin Is Up 13%
With its price up 13% this week to $0.029, Ravencoin has recently achieved a turning point in its market performance. As a result, investors might buy RVN tokens, with the price potentially rising to $1 in the future.
Moving average resistance had previously made it difficult for the price of Ravencoin to grow positively, but RVN bulls overcame this barrier. With a purchase signal from the Moving Average Convergence Divergence (MACD) indicator and an upward momentum indicator, the overall forecast for Ravencoin’s performance is still optimistic.
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