GMT Price Prediction: Is the SweatCoin Competition a Threat?

Summary:
• The GMT price is hovering near its all-time high. But is the rising competition from SweatCoin a threat for the network?

The GMT price is hanging close to its all-time high as concerns about its spectacular rally remain. STEPN’s Green Metaverse Coin is trading at $3.36, slightly below its record high of $3.86. It has skyrocketed by over 34,000% from its all-time low as demand for move-to-earn coins rises. As a result, its total market cap has soared to over $2 billion.

GMT price has risen sharply as investors bet on the future of gaming, fitness, and non-fungible tokens (NFT). This performance has also been a good thing for Solana, which has outperformed other large blockchains in the past few weeks. STEPN uses Solana’s technology to power its platform. The coin has also risen after the developers inked a major partnership with ASICS, a leading sneaker company.

Still, investors are concerned about Sweatcoin, a company with over 64 million users. Recently, Sweatcoin partnered with Near Protocol to launch its long-awaited cryptocurrency. The Near Foundation, which raised millions of dollars this month, has invested in Sweatcoin. Sweatcoin is a major threat because of the app’s popularity. It has millions of users who have left strong reviews on the Android and iOS apps.

GMT price prediction

The four-hour chart shows that the Green Metaverse Token price has moved sideways in the past few days. The coin is trading at $3.3, slightly below its highest point this year. It has formed a small channel pattern that resembles a bearish flag. In price action analysis, a bearish flag tends to signal that a downward breakout will happen.

GMT price is slightly above the 25-day and 50-day moving averages, while the MACD has moved slightly above the neutral level. Therefore, with the anticipated Sweatcoin competition, there is a likelihood that the coin will have a bearish breakout in the coming days. If this happens, the next key support level to watch will be $2.98. A move above the resistance at $3.43 will invalidate this view.