Dacity Coin
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Pump.fun
- GMT token is currently trading at $0.3395 with an increase of +1.13% during the intraday session.
- Stepn price trades below 20,50,100 and 200-day EMAs.
GMT price bullish rally started at the beginning of 2023 forming a high at $0.6867. The price went up approximately 200% from the low of $22.70. The candles closed at $0.6150 after which price corrected the move by falling to $0.300 level. The decline in crypto market amid regulatory uncertainty and signs of weakness in macroeconomics condition caused GMT to fall reaching down to $0.31 level and forming a support at $0.3240. Bitcoin fell to $29158 after failing to maintain $30000 which caused the crypto market capitalization to fall 4%.
The remarkable gain of approximately +190% came with a predictable correction which is still going on. The major concern is that if a break of $0.300 support happens, the next support level is at the low of $0.2270 which would mean losing gains made in the year 2023.
The current market structure is bullish for GMT as GMT is overcoming bearish pressure and if price can cross $0.3433 level positively which was rejected by price on 26 April, traders can target $0.40 level. The price is also trading below the 20,50,100 and 200-day EMA indicating bearish momentum in the price. During this upturn, the market capitalization is up by 3.67% to $253,153,545 and the 24 hour trading volume is up by 51.42% indicating growing interest in the asset.
Stepn has also created a new concept of ‘move to earn’ by fusing elements of ‘play to earn’ game with workout software. It lets users earn in-game cash by purchasing STEPN NFT sneakers first and jogging, walking and running in the real world. STEPN has a niche user base which uses it for gaming purposes.
STEPN Technical Analysis:
RSI currently trades at 43.18 and crossed the median line positively indicating increase in the participation of bulls in the market. GMT price needs to sustain the bullish strength in order to recover from the lost gains. The Chaikin money flow score is 0.15 and is rising slowly showing signs of strength in GMT price. The bollinger bands have opened up suggesting high volatility in the market and cryptocurrency price rejected the lower band indicating bullish push. This move might be just a pullback for Stepn price for continuing its move to further down.
Conclusion:
The market structure and price action is slightly changing to bullish structure as price forms support at $0.3240 level. Either this move will help price in gaining bullish momentum or would be considered as a pullback for continuation of bearish move. Traders should wait for a break above $0.3433 level to look at buying opportunities. The technical parameters are suggesting a pullback in the price. If bulls can push the price upwards, traders should be aware of the messy zone to the left above $0.35 level.
Technical levels:
Major support: $0.3240 and $0.300.
Major resistance: $0.40 and $0.46.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
