Smart fitness home workout biking screen with online classes woman training on stationary bike equipment indoors for biking exercise. Indoor cycling. Focus on the sweat on person's back.
The GMT price has been in a narrow range in the past few days as last month’s bullish momentum has faded. STEPN is trading at $2.37, where it has been recently. This price is about 25% below its all-time high, bringing its market value to about $1.33 billion. It is also about 24,000% above its lowest level of all time, making it the best-performing cryptocurrency this year.
STEPN is a relatively new blockchain project built using Solana’s technology. The company is seeking to become a leading player in the NFT, gaming, and NFT business. The idea is to let people buy fitness products in an NFT format and then be rewarded. They are paid using the GMT token whenever they engage in fitness activities like walking and jogging.
STEPN has been in a strong growth in the past few months. However, its GMT token has gone parabolic as the platform generated a profit of 198,635 SOL, which is equivalent to over $26.8 million. This revenue came from its NFT marketplace trading and royalty fees in the quarter. As a result, the developers are now buying back GMTs and burning them in a bid to create more value for investors.
STEPN users have also increased rapidly in the past few months. It now has over 200k members and 90,000 daily active members from around the world. This number will likely continue rising in the coming months, considering that the STEPN concept is a bit easy to understand.
We see that the STEPN price has been in a narrow range in the past few days on the four-hour chart. The coin has stayed at the same level for a while as data reveals that volume has dropped sharply. GMT is also slightly above the important support level at $2.03, where it has struggled to move below several times before. Its average true range (ATR) has declined, signifying limited volatility.
Therefore, the outlook of the GMT price is neutral at this stage. However, a drop below the important support level at $2.03 will lead to more downside. On the other hand, a move above the resistance at $2.683 will send a signal that there are still more buyers in the market.
This post was last modified on %s = human-readable time difference 14:45