• February has not been a good month for STEPN’s main crypto token GMT, which is down about 30%.
• Bulls hope that a broader crypto market rally may bring some buy pressure back to the leading move-to-earn cryptocurrency.
• STEPN’s GMT token is up 38x since its ICO in March 2022 at $0.01.
STEPN Price Prediction
February hasn’t been a good month for GMT, the main crypto token that powers STEPN’s popular move-to-earn (M2E) platform. The price of GMT was last changing hands in the $0.38 area, down about 30% this month, despite major cryptocurrencies Bitcoin and Ether both trading with monthly gains of 1-3% and total crypto market capitalization up around 2.5%. In fairness, GMT’s 30% decline this month looks less bad when taken in the context of the near-150% rally the cryptocurrency enjoyed in January.
Price Prediction – Where Next For STEPN (GMT)?
Since late January, GMT has been forming a bearish flag structure. If it is to break above this bearish flat structure, it has a number of key resistance levels to overcome including 100 and 21-Day Moving Averages as well as 50 and 200-Day Moving Averages which straddle the important support-turned-resistance $0.49 area. Bearish flag patterns often form during a bull market consolidation phase so bulls will be hoping that broadening crypto market rally can pick up once again in March and bring some buy pressure back to the leading move-to-earn cryptocurrency..
STEPN (GMT) Alternative To Consider
According to ICODrops.com, STEPN’s GMT token is up 38x since its ICO in March 2022 at $0.01 due to building one of the most popular existing move-to-earn platforms currently out there.. However, it requires hefty initial investment in trainer NFTs before users are able to start earning for moving while users aren’t rewarded for all forms of activity only measurable movement counts towards rewards on the platform..
Macro headwinds such as fresh stronger than expected US data could continue to cap upside if markets continue to price in more aggressive Fed tightening schedule for 2023.. This could limit any potential bullish breakout from current bearish flag pattern if it occurs..
For now bulls should remain cautious until macroeconomic conditions become clearer and any potential bullish breakout from current bearish flag pattern can be determined with more certainty..