Disclaimer: The results of the analysis below are the author’s sole opinion and should not be considered investment advice.
Games to play and earn STEPN It was an attempt to revolutionize the fitness application market. With the success of IDO in March 2022, the price of Token GMT soared to $ 3 in late March and $ 4.17 in late April.
The chart showed a backlash against the $ 2 demand area, can bulls defend this area? Bitcoin has weakened over the past few days. If the market continues to be bearish, GMT could fall further south than the $ 2.1 support level.
GMT-6 hour chart
The $ 2.1 level served as a strong support for GMT in April, and bulls were able to build up prices to $ 4.1 later in the same month. In the last two weeks, GMT has peaked and sank to the charts.
The $ 3.1- $ 3.2 area was identified as a lower time frame demand area, but sellers have been able to pass through this zone and shatter in the last two days. The price jumped from $ 3.2 to $ 3.5, but nothing more.
In the next few days, the $ 2.1 and $ 1.8 levels may serve as support. There seemed to be yet another wave of selling behind Bitcoin. Therefore, the GMT Bulls may have a hard time achieving a reversal next week or two weeks.
The RSI on the 6-hour chart headed for the oversold territory, but it does not show a bounce around the corner. This is just a sign of the very bearish momentum that GMT has faced in the last few days.
A / D has declined in the last few weeks, but there has been no significant difference. As a result, sales have been strong these days, but not as heavy as an upward drive.
Bitcoin It has been weakening for the past few days. If the market continues to be bearish, GMT could fall further south than the $ 2.1 support level. Fear dominates markets, cryptocurrencies, and the global stock market. Therefore, the $ 2 territory may not be a buying opportunity and the buying may not be safe until the market shows strong signs of a reversal.