STEPN Coin Bounces Back After Long Downturn and It May Have Legs

Updated: 18 July 2023

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After a prolonged downturn, STEPN coin is making a comeback, rising almost 16% in the past week. Even though it’s fallen so far today, technical analysis suggests its recovery is no flash in the pan.

Is STEPN in a Bullish Rally?

STEPN/USDT Price Chart. Source: Tradingview.com

STEPN’s price history has undergone a series of downturns characterized by lower lows and lower highs. Currently, the chart displays three lower highs, forming a triple top pattern, which suggests the potential for a surge as bulls might enter the market in full swing.

Furthermore, the price appears to have formed a falling wedge pattern, indicating that traders seek buy entries above the wedge, expecting an upward breakout. If the bullish momentum continues, STEPN could reach the resistance level of $1.14. However, busting through the critical resistance at $0.68 is necessary for achieving this goal, and such a breakthrough is possible in the short term.

STEPN Price’s Short-Term Breakout to the Upside

STEPN/USDT Indicator Analysis. Source: Tradingview.com

The STEPN price has exhibited a breakout, surpassing the upper trendline of the descending triangle pattern. Notably, there was a retest on the trendline, with bears struggling to pull back prices. However, the bulls seem resilient, as evident from the emergence of a bullish green candle, indicating the bulls’ foothold on the price.

Given the current momentum, further price gains are possible, and STEPN might soon break through the critical resistance level at $0.45. If this bullish trend continues, the short-term target for STEPN could be a price of $0.68.

STEPN shows strong bullish support, with price indicators signalling a favourable outlook. The chart analysis indicates a notable shift, as the price has broken above the 50-day moving average and is now hovering below the 200-day moving average.

However, there is a possibility of the price retracing to retest the 50-day EMA. The price could increase if the 50 EMA is resilient as bulls gain momentum. A further breakout above the 200-day moving average will present new entry opportunities and push the price toward the target of $0.68.

The relative strength index (RSI) is currently at a neutral position of 54, offering an exciting opportunity for the price to surge toward the overbought region (70). This indicates room for upward movement before the asset becomes overvalued.

For investors seeking other potentially high-return opportunities, Wall Street Memes ($WSM) is an upcoming project that may be worth considering.

Wall Street Memes ($WSM) Raises $15.5 Million In Presale Funding

Wall Street Memes, a prominent retail investing community with a large following, has achieved a significant milestone in the presale of its new cryptocurrency, the $WSM meme coin. This meme coin launch has attracted considerable interest from investors, amassing over $15.5 million in funds raised.

The community originated during the 2021 movement, where retail investors united against major financial institutions by driving up the prices of heavily shorted stocks like GameStop and AMC. Although they did not completely overpower institutional investors, their actions led to the closure of Melvin Capital hedge fund.

Wall Street Memes aims to immortalize this movement by tokenizing it by introducing the $WSM token. The launch of this cryptocurrency is a tribute to the courageous Wall Street Bets heroes who challenged the dominance of Wall Street during the infamous GameStop fiasco of 2021.

Wall Street Memes A Million-Follower Community Fuels Rapid Growth

The Wall Street Memes community has amassed an impressive following of over 1 million people. On its first day, the project raised a remarkable $300,000, demonstrating its strong appeal to investors. This rapid growth and widespread acceptance make the WSM token an attractive prospect for crypto exchanges eager to list it after the presale.

https://twitter.com/wallstmemes/status/1662474606794493954?s=20

WSM token is surging in popularity and value, drawing parallels to Dogecoin’s success, backed by influential figures like Elon Musk. It is selling at $0.0319, but its price will rise to $0.0322 shortly as the project’s presale advances to the next stage.

Joining the presale is still possible, with participants having the option to buy WSM using ETH, USDT, BNB, or even credit cards on the token website. Additionally, the Wall Street Memes Project gives back to its community by airdropping $50,000 to users. The presale will continue until the 30th stage concludes, providing ample opportunity for investors and traders to get involved in this promising venture.