STEPN (GMT): Why 10.7% Upsurge Could Be Temporary
STEPN (GMT) is a lifestyle app with gaming and social elements. Meanwhile, the web3 platform recently recorded an enormous user base decrease. February sessions had STEPN’s client base surging substantially, growing by over 100X in the following few months.
Nevertheless, the latest Messari report indicated a narrative change, with the project’s daily active users plummeting by 80%. Besides DAUs (daily active users), new customers dropped to 5% from 20% of overall STEPN’s users.
GMT didn’t appear bothered with this change, as it gained over 14% during yesterday’s session. The uptick saw it outshining several large-cap tokens in daily gains. While publishing this blog, GMT traded at $0.7681, with a $460,851,414 market cap.
Quick Metric Glance
Assessing GMT’s metrics revealed optimistic hopes, with most indicators baking price upsurge. For example, GMT’s 30d MVRV (Market Value Realized Value) ratio gained upside momentum following extended declines. That indicated a bullish sign. Surprisingly, high volume backed the uptick, ensuring added support to the token’s massive upswing.
The increasing GMT price triggered social dominance surge as the crypto community showed amplified interest in the altcoin. Nevertheless, GMT’s 365d MVRV uptick still has the indicator well beneath the 30d MVRV Ratio. And that could hinder GMT’s upside in the upcoming days.
GMT’s 4hr chart revealed a different tale, with multiple market indicators suggesting a potential price crunch within the upcoming days. The CMF (Chaikin Money Flow) and the RSI (Relative Strength Index) have resorted to downtrends after surging substantially within the past two days.
That lessens the chances of further price upticks. Furthermore, the Bollinger Bands showed GMT’s price stayed in a massive volatility region, suggesting that prices could dip into squeeze soon.
Nevertheless, the MACD (Moving Average Convergence Divergence) and the EMA (Exponential Moving Average) indicated otherwise. The indicators flashed a bullish cross, heightening the chances of more price uptick.
Meanwhile, the cryptocurrency market remained upward during this publication. Bitcoin gained 1.11% in the last 24 hours to change hands at $21,541.30. Moreover, the global market capitalization noted a 0.85% up within a day to $1.06 trillion.
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