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STEPN Price Analysis: Despite a gain of more than 2000%, the GMT token observes sideways

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STEPN Price Analysis: Despite a gain of more than 2000%, the GMT token observes sideways

  • Stepn Token is looking for sideways territory after an incredible return on investment.
  • In the context of the 4-hours price chart, the GMT token is trading above the 20,50 and 100-days SMA.
  • Stepn token is trading 2.9% with bitcoin pair price starting at 0.00005402 Satoshis.

STEPN Token has grown unbelievably since its listing with a 29000% Return on Investment (ROI). However, the price behavior of the GMT token has been showing sideways for the past several days and it appears that the bulls have run out of fuel to propel the price of the GMT token.

STEPN Price Analysis: Despite a gain of more than 2000%, the GMT token observes sideways

Source: GMT/USDT by Tradingview

After noticing a solid bullish candle with a gain of 218% last week, buyers are facing a retracement for the sideways phase this week and the bears are going to see a bearish weekend. At the time of writing, the GMT coin is trading at $2.30, up a little over 4% over the past 2 hours. Similarly, Stepn token is trading at 2.9% and the bitcoin pair price is starting from 0.00005402 Satoshis.

However, traders are facing problems with low liquidations in the GMT token after the start of the retracement phase. Thus, trading volume is seen at $1.06 billion at the time of writing, a 6.5% increase over the past 24 hours.

According to the moving averages (such as 20,50 and 100 EMA), the bulls are barely trying to keep the GMT price above this in the context of the 4-hours price chart.

The Relative Strength Index is present at a semi-line (50-point) on the 4-hour time frame. RSI is suggesting a no trading zone for the STEPN token.

The ADX indicator is declining sharply on the daily price chart, providing solid sideways territory for the GMT token.

Conclusion

However, the STEPN token marked a high of $3.13, which turned into a resistance level for the asset. And the psychological round level $1.0 acts as a key point for a brutal buyer.

Support level – $1.0 and $0.57

Resistance level – $3.1and $5.0

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.


Source: ethereum.today

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