GMT Technical Analysis Report | 26th-May-2022

GMT is the governance token of STEPN (“Web3 lifestyle, health and fitness  app on the Solana blockchain). Users can buy NFT sneakers and even move outdoors to earn tokens and rewards. The application is available at Android and iOS and has an in-built wallet, swaps and rental system that allows non crypto users to onboard STEPN.

At the time of writing GMT was trading at $1.31.

GMT, after giving a breakout above $0.90 on 28th March surged upto $4.17 within a month. However, the asset struggled to sustain at higher levels and it failed to give a daily closing above $4 and made ‘Spinning Top’ candles that indicated indecision in an uptrend. Post this move, GMT witnessed a sharp fall and the price plunged almost by 79.5% from the top making the low of $0.81. Currently, the asset is consolidating in a range between $1.25 to $1.75. Once the breakout occurs above $1.75 with good volumes, then it can further rally up to $2.5.

Support 2Support 1AssetResistance 1Resistance 2

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