The party is getting over for Stepn after soaring by more than 30,000% in the past few months. The GMT price is trading at $3.30, which is about 40% below the all-time high of $4.64. Its market cap has also declined to about $1.97 billion, making it the 56th biggest coin in the world. Other cryptocurrencies that did well recently like Zilliqa and ApeCoin have all declined sharply.
Stepn has become the best-known move-to-earn cryptocurrency in the world. In the past few months, the number of users has more than doubled while the distance ran has soared to over 13 billion miles. According to its network, it has already offered over 911k kgs of carbon offsets. This growth was helped by the strong incentives to join the network and the fact that it is a well-funded project. Some of the top backers include Binance, Alameda Research, and Solana Ventures.
The GMT price has declined even after the developers launched the fourth phase of the Beta program. As part of the rollout, the developers did an exclusive BNBChain Sneaker Drop to the Solana Genesis Sneaker holders. As such, each Genesis Sneaker will receive a BNBChain Shoebox. Therefore, the recent decline is likely because inventors have been selling the news.
Like other cryptocurrencies, the Stepn price is falling because of the upcoming interest rate decision by the Federal Reserve. Analysts expect that the bank will hike the interest rates and start a period of quantitative tightening policy.
The four-hour chart shows that the Stepn price has been under pressure in the past few days. The coin has moved slightly below the 50-period moving average while the Stochastic Oscillator has moved slightly above the oversold level. It has also risen above the ascending trendline that is shown in purple.
A closer look reveals that GMT has formed what looks like a double-top pattern whose chin is at $3.14. Therefore, there is a likelihood that the coin will continue falling as bears target the key support at $2.50.
This post was last modified on May 03, 2022, 08:54 BST 08:54