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STEPN price analysis: GMT breaks above $2.72 resistance in search of recovery

STEPN price analysis: GMT gains a massive 32 percent overnight as price retouches $1.23
TL;DR Breakdown
  • STEPN price analysis shows a bullish trend.
  • Resistance for STEPN (GMT) is present at the $3.35 mark.
  • Support for STEPN (GMT) token is present at $2.49.

The most recent STEPN price analysis confirms a bullish trend for today as the coin broke past the resistance present at the $2.72 level. Some stronger corrections were recorded in the price level for the last two days, but today the trend changed, and bulls took over the market. The price followed a bullish movement in the past 24-hours, and now it has recovered up to $2.78, and it seems like the token will continue in the bullish direction for the coming hours as well.

GMT/USD 1-day price chart: Bulls march towards $3.35 resistance next

The one-day STEPN price analysis confirms the bullish lead for today as the coin value has recovered considerably. The coin value suffered during the past week as the selling pressure was persistently there, and the coin lost almost 27.76 percent value over the last seven days. On the other hand, today, the circumstances changed, and the coin gained 11.44 percent value overnight, which is a big achievement for the buyers as the token is trading hands at $2.78 at the time of writing, and the price may increase further. The downtrend observed during the past week has brought the moving average (MA) down to $3.18 below the SMA 50 curve, which is standing at $3.29.

GMTUSD 1 day price chart 2022 05 07
GMT/USD 1-day price chart. Source: Tradingview

The volatility in the one-day price chart is high, the upper Bollinger band is present at the $3.97 mark representing the resistance, and the lower Bollinger band is present at the $2.62 mark representing the support for GMT. The Relative Strength Index (RSI) is trading at index 47 in the neutral zone, and the curve of the indicator is upwards, hinting at the buying activity in the market.

STEPN price analysis: Recent developments and further technical indications

The hourly STEPN price analysis favors the buying side as well, as a strong rise in GMT/USD value has been detected in the past few hours. The bulls have taken over the market and have uplifted the price level to $2.78, despite the fact that the price breakout was downwards at the start of the day. At the same time, the price crossed the moving average (MA), i.e., $2.54, due to the bullish trend.

GMTUSD 4 hour price chart 2022 05 07
GMT/USD 4-hours price chart. Source: Tradingview

The volatility is increasing on the 4-hour chart, as The Bollinger bands show divergence. The indicator shows the following values in the hourly price chart; the upper value is $3.58, whereas the lower value is $2.14. The RSI score has improved up to index 44 because of the uptrend, and the indicator is still moving in the upwards direction.

STEPN price analysis conclusion

From the above one-day and four-hour STEPN price analysis, it can be inferred that the bulls are controlling the market. A good increase in GMT price levels has been observed in the past 24-hours as well, and the price has increased up to the $2.78 level. The cryptocurrency price is expected to increase further in the coming hours.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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