Bullishness has reigned supreme in the STEPN (GMT) market over the previous 24 hours, with bearish attempts to take market dominance rendered futile after establishing $0.3679 support. Since then, buyers have been in charge, driving the price to a new intraday high of $0.3838 (matching yesterday’s high) and preventing sellers from breaking through the resistance level. At press time, the bullish dominance had valued GMT at $0.3794, a 2.29% gain.
During the upswing, the market capitalization increased by 2.34% to $227,654,583, indicating investors’ trust in the token and its intrinsic worth; nevertheless, the 24-hour trading volume decreased by 35.72% to $40,507,618. This decrease in trading activity shows that investors hang on to GMT rather than actively trading it because they expect the token’s price to rise.
GMT/USD 24-hour price chart (source: CoinMarketCap)
The Bollinger bands move linearly on the 2-hour price chart, with the top bar at 0.38530883 and the lower band at 0.36174188. This move indicates that the GMT market is in a low volatility scenario, with the price range limited between the upper and lower bands. Consequently, the GMT market looks to be drifting sideways, which might indicate a range-bound market and a lack of momentum.
Despite the MACD line being in the negative territory at -0.00265878, the present bullishness looks to be rising as it rises north and above its signal. A rating of 0.00215645 for the green bars in the histogram suggests that the market still shows signs of bullish momentum. This move indicates that, although the market may be temporarily stagnant, there is a possibility for more price appreciation in the foreseeable future.
GMT/USD chart by TradingView
The stochastic RSI reading is 74.54, rising above its signal line. However, as the GMT trades in overbought territory, the current bullishness may temporarily turn negative if the market chooses to take gains and sell down. Consequently, while trading in GMT, traders may consider placing stop-loss orders to minimize possible losses.
The Bull Bear Power (BBP) rating of 0.00134653 suggests that the mood has switched from bullish to bearish since BBP levels near 0.0 often indicate an impending bear market. Hence Investors should reconsider their investments in GMT, as technical signs suggest that a bear market is on the way. Nevertheless, a bear market may provide an excellent chance for investors to buy cheap and sell high when the market inevitably rebounds.
GMT/USD chart by TradingView
The GMT market has seen bullish dominance with a slight increase in market capitalization and low volatility, but traders should be cautious of overbought conditions and a potential bear market.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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Source: Cryptocurrency - investing.com
