GMT Price Prediction After the Strong STEPN Rebound

Summary:
• What is the outlook of GMT price in the near term? We explain why STEPN has risen by over 6,000% in the past few days.

The GMT price has rebounded on Monday even as other cryptocurrency prices have retreated. The STEPN price has risen by over 25% in the past 24 hours and is trading at $0.75. This price is about 6,625% above its lowest level this month and is a few points below its all-time high of $0.8600.

What is STEPN? 

STEPN is a blockchain project that seeks to disrupt the fitness industry using the decentralized model. It is a web 3.0 lifestyle application that integrates the concept of gaming and social media. The platform was started by Jerry Huang and Yawb Rong and is advised by leading professionals from companies like Adidas, Alliance, and Folius Ventures. It is backed by Solana Ventures and Alameda Research. 

STEPN uses a relatively simple model. First, users select their NFT sneaker in its ecosystem. The four types of sneakers are walker, jogger, runner, and trainer. They each have their own prices and characteristics like comfort, resilience, and luck. After selecting the sneaker, move outdoors, burn energy, and earn rewards in the form of GMT token. The app is connected with GPS, which makes the data reliable. You can even mint your own sneaker NFT. 

There is a maximum supply of 6 billion GMTs and the current circulating supply is about 600 million. According to CoinGecko, the coin has a market capitalization of over $439 million, making it the 164th biggest coin in the industry. This performance is mostly because of its strong  user numbers in its public beta and the size of the industries it is disrupting. 

GMT price prediction 

The hourly chart shows that the GMT price has been in a strong bullish trend in the past few days. It initially rose to an all-time high of $0.8543 and then erased some of these gains and dropped to $0.577. It has now rebounded and is trading at $0.75, which is slightly below the all-time high of $0.85.

Further, it has moved above the 25-period and 15-period moving averages while the MACD has moved above the neutral level. Therefore, the path of the least resistance for the STEPN price is to the upside. If this happens, it will likely retest its all-time high at about $0.85. A move below the support wt $0.67 will invalidate this view.