Disclaimer: The findings of the next evaluation are the only opinions of the author and shouldn’t be thought of funding recommendation.
The play-to-earn sport STEPN was an try to revolutionize the health purposes market. It had a profitable IDO in March 2022, and the value of its token GMT has rocketed to $3 late in March, and to $4.17 in late April.
A dump again towards the $2 space of demand was seen on the charts- however can bulls defend this space? Bitcoin has been weak previously few days as properly. Extended bearish circumstances throughout the market will possible see GMT drop additional south than the $2.1 assist degree.
GMT- 6 Hour Chart
Source: GMT/USDT on TradingView
The $2.1 degree acted as robust assist for GMT in April, and the bulls have been capable of accumulate and drive costs to $4.1 later in the identical month. In the previous two weeks, GMT had reached its zenith and has been sinking on the charts.
The $3.1-$3.2 space had been recognized as a decrease timeframe demand space, however the sellers have been capable of smash proper previous this zone previously couple of days. It did see a bounce in value from $3.2 to $3.5, however no additional.
In the times to return, the $2.1 and $1.8 ranges might function assist. There seemed to be yet one more wave of promoting behind Bitcoin. Hence, GMT bulls might battle to impact a reversal within the subsequent week or two.
Rationale
Source: GMT/USDT on TradingView
The RSI on the 6-hour chart headed into the oversold territory, however that doesn’t point out a bounce across the nook. It is simply a sign of the closely bearish momentum GMT has confronted previously few days.
The A/D did dip decrease previously couple of weeks, however not by a major margin. Therefore, whereas there was good promoting quantity in latest days, it was not as heavy because it was on the drive upwards.
Conclusion
Bitcoin has been weak previously few days as properly. Extended bearish circumstances throughout the market will possible see GMT drop additional south than the $2.1 assist degree. Fear is dominant within the markets, crypto in addition to the worldwide inventory markets. Hence, the $2 space may not be a shopping for alternative, and shopping for may not be secure till the markets present robust indicators of reversal.
