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STEPN: Is there cause for concern as GMT retraces all of its gains made in April

Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought of funding recommendation.

The play-to-earn recreation STEPN was an try to revolutionize the health functions market. It had a profitable IDO in March 2022, and the value of its token GMT has rocketed to $3 late in March, and to $4.17 in late April.

A dump again towards the $2 space of demand was seen on the charts- however can bulls defend this space? Bitcoin has been weak prior to now few days as nicely. Prolonged bearish circumstances throughout the market will seemingly see GMT drop additional south than the $2.1 assist degree.

GMT- 6 Hour Chart

STEPN: GMT retraces almost all of April's gains, can bulls defend this crucial level of support?

Supply: GMT/USDT on TradingView

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The $2.1 degree acted as sturdy assist for GMT in April, and the bulls have been capable of accumulate and drive costs to $4.1 later in the identical month. Up to now two weeks, GMT had reached its zenith and has been sinking on the charts.

The $3.1-$3.2 space had been recognized as a decrease timeframe demand space, however the sellers have been capable of smash proper previous this zone prior to now couple of days. It did see a bounce in worth from $3.2 to $3.5, however no additional.

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Within the days to come back, the $2.1 and $1.8 ranges may function assist. There seemed to be yet one more wave of promoting behind Bitcoin. Therefore, GMT bulls may battle to impact a reversal within the subsequent week or two.

Rationale

STEPN: GMT retraces almost all of April's gains, can bulls defend this crucial level of support?

Supply: GMT/USDT on TradingView

The RSI on the 6-hour chart headed into the oversold territory, however that doesn’t point out a bounce across the nook. It’s simply a sign of the closely bearish momentum GMT has confronted prior to now few days.

The A/D did dip decrease prior to now couple of weeks, however not by a big margin. Due to this fact, whereas there was good promoting quantity in latest days, it was not as heavy because it was on the drive upwards.

Conclusion

Bitcoin has been weak prior to now few days as nicely. Prolonged bearish circumstances throughout the market will seemingly see GMT drop additional south than the $2.1 assist degree. Worry is dominant within the markets, crypto in addition to the worldwide inventory markets. Therefore, the $2 space may not be a shopping for alternative, and shopping for may not be secure till the markets present sturdy indicators of reversal.

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