STEP’s native token GMT showed massive selling pressure in recent months, where the 77% loss is seen from the $4.20 all-time high in late April. However, a decent bullish correction is seen from the 13 June low of $0.53.
The broader crypto market is facing pressure from the rising interest rate and inflation fear. As a result, investors' sentiment has shifted to stablecoins due to the fear of further loss in value. As a result, according to the coinmarketcap listing, stablecoins took the leading position after Bitcoin and Ethereum.
When major technical indicators show an indecisive momentum, the on-chain activity of the GMT also shows a pessimistic view. The active investors in the BNB chain plummeted by almost 96% in the last two months. Moreover, no new BNB members have been seen to join the network in recent days.
What is the latest GMT Price Prediction? Let’s see the STEPN (GMT) Price Prediction from the GMT price forecast today:
GMTUSD Bullish Factor Is Not Solid
The long-term market trend of GMTUSD turned bearish as the price formed multiple bearish rejection candlesticks on the 4.00 key resistance level. The deep discount from 4.00 to 0.550 level indicates the market's volatility in recent months.
This technical analysis shows the daily price structure of GMTUSD, where the selling pressure below the 1.74 level was corrective. Moreover, the bullish break above the trend line increased the possibility of extending the buying pressure towards the 1.4300 to 1.7467 zone to grab the sell-side orders.
On the other hand, the STEPN price today hovers at the dynamic 20 EMA level, where a bullish daily candle above this level could increase the buying possibility. In the indicator window, the Relative Strength Index is at a neutral 50% level, indicating an indecisive momentum.
In STEPN Price Prediction, the broader market direction is still bearish, where any bearish trading opportunity would provide highly profitable trades. However, the corrective price above the dynamic 20 EMA could advance it towards the 1.4300 to 1.7467 demand zone from where a bearish opportunity may appear.
GMTUSD Ichimoku Cloud Analysis
According to the H4 GMT Coin Price Prediction, the GMTUSD price trades below the Ichimoku Kumo Cloud for more than 5 trading days. Moreover, the recent upside pressure towards the Kumo Cloud resistance and rebound below it showed sellers’ presence in the market. In addition, the Senkou Span B is flat in the future cloud while the Senkou Span B is below the A, indicating selling pressure in the market.
The indicator window also shows buyers' dominance in the market, but the current TDI level reached the upper boundary and rebounded lower near the 50.00 neutral level. Moreover, the Kijun Sen is still below the price, working as minor resistance. In that case, investors should monitor how the price trades at the Kijun Sen level, where a break below this level with an H4 candle would be a bearish opportunity.
According to the GMT forecast, bears should wait for the price to move below the 0.9037 static support level and form a trend change. In that case, the selling pressure may extend towards the 0.7261 key support level. On the other hand, bulls should wait for the price to rebound above the 0.9572 level, which may open room for testing the 1.1500 level.
GMTUSD Intraday Price Action Analysis
In STEPN price prediction, the volume analysis shows a different story. Although the selling pressure is potent from the Ichimoku cloud, the price is still above the 0.6191, high volume trading level. Therefore, in the STEPN Price Forecast, we may find buying trades as potent as the price trades above the high-volume level.
This technical analysis shows how the dynamic 20 EMA and weekly VWAP support the current price. Moreover, the latest intraday high volume level is also above the price but below the 0.9572 resistance level.
On the other hand, the near-term swing levels failed to show a trending movement as lower highs and higher lows were seen on every side. Another buying factor is the MACD Histogram, where the Histogram is above the neutral level.
Based on the current price action, bulls should wait for the price to move above the 0.9572 level before taking it towards the 1.1500 level. On the other hand, the break below the dynamic weekly VWAP with a bearish H4 candle would increase the probability of testing the 0.6191 high volume level.
Is STEPN (GMT) A Sell?
According to STEPN (GMT) Price Prediction, the GMTUSD is more likely to continue the bearish pressure in the coming days. Any selling pressure from the H4 Ichimoku level would take the price towards the 0.6191 high volume level.