STEPN drops 14.47% and fails to halt its bearish rally. GMT took some additional offers near $0.6786. However, the reason could be mixed crypto market sentiment, which undermines investor confidence and contributes to coin losses.
Meanwhile, investors are also pricing in the hawkish Fed Chairman Jerome Powell’s monetary policy speech this week. The move-to-earn crypto coin STEPN (GMT) performed admirably at the start of the month, increasing in value by nearly 11%.
Despite this, the STEPN (GMT) coin has been unable to maintain its upward price momentum, as evidenced by the coin’s sharp drop from its previous all-time high gains.
STEPN Drops 14.47%
STEPN currently trades at $0.678578 with a 24-hour trading volume of $160 million. In the last 24 hours, STEPN has dropped 6.96% and 14.47% in seven days. CoinMarketCap currently ranks #82 with a live market cap of $407 million, with a maximum supply of 6,000,000,000 GMT coins and a circulating supply of 600,000,000.
Following a significant upward movement, the FLOW price has begun to decline under the bearish impact on the daily price chart. As a result, the FLOW bulls appear to be returning to defend the coin against the intense selling pressure.
However, BTC’s most important cryptocurrency consistently puts downward pressure on FLOW prices. This is one of the primary reasons for the FLOW price’s bearish surge, which cannot be overlooked.
Crypto Market Sentiment
Since the start of the day, the cryptocurrency market has displayed irrational behavior, giving up its previous gains. The announcement of Ethereum’s upgrade, The Merge, failed to keep the cryptocurrency markets on hold.
Ethereum has slipped by more than 5% from the previous day, while Bitcoin, Polkadot, Solana, and Shiba Inu also increased significantly. As a result, the recovering cryptocurrency market may assist STEPN coin in limiting further losses.
On the other hand, investors continued to closely monitor the market in anticipation of Fed Chairman Jerome Powell’s monetary policy speech, which is expected later this week. If the Fed supports further interest rate hikes, this could have a negative impact on the crypto market.
STEPN Technical Outlook – Is Now a Good Time to Buy?
The GMT/USDT pair is trading with a strong bearish basis, violating the support level of $0.7274. On the lower side, GMT is now exposed to $0.5590 level. The formation of a bearish engulfing candle has the potential to drive further selling trends in GMT.
GMT/USDT Price Chart – Source: Tradingview
On the higher side, GMT’s immediate resistance stays at 0.7280, and a break above this can lead the GMT price towards the 0.8230 level.
Considering the technical outlook, consider taking a sell position under the $0.7280 level. Good luck!
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