Disclaimer: The results of the analysis below are the author’s sole opinion and should not be considered investment advice.
STEPN, a fitness app for earning, saw the token GMT Record strong profits in March and April. However, it has been depressed in the last two weeks. Short-term price behavior showed that GMT was trading within range. The two extremes of scope may offer the opportunity to buy and sell assets.
GMT-1 hour chart
Last week, prices ranged from a high of $ 1.63 to a low (white) of $ 1.275. In addition, the Fibonacci expansion level (yellow) showed that $ 1.28 was actually a 27.2% expansion level of the GMT drop from $ 2.84 to $ 1.61 earlier this month.
While GMT is trading within this range, trading volumes are relatively stable and not particularly high except for certain sessions. Therefore, this indicates that GMT is in the stage of accumulation or distribution and a breakout may be imminent.
Is this breakout bullish or bearish? I was uncertain at the time of the press. Much depends on Bitcoin price behavior, and it was still unclear if the market had bottomed out or if this was calm before the next bearish storm.
The RSI on the hourly chart has fluctuated from bullish to bearish many times over the past week, not above or below the neutral 50 line for more than a few days. This indicates high volatility, but it also indicates that there was no strong and steady trend.
The Aroon indicator showed both bulls and bears that alternated predominantly on the chart as AroonUp and AroonDown (orange and blue, respectively) crossed multiple times in a relatively short time.
Chaikin’s money flow is mainly below the -0.05 mark. This shows that the capital flow is mainly directed out of the market and shows the strength of the seller.
Be careful with breakout traders, systems that work well in trading rangebound assets can appear to buy and sell at the $ 1.28 and $ 1.61 levels, respectively. Bitcoin It can have a significant impact on the direction of the GMT breakout.