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Over the past few weeks, the price of GMT has fallen sharply as demand for the coin has evaporated. The price of Stepn’s own token fell more than 76% from its highest level in May, bringing its total market cap to around $621 million. At the peak of its development, it was estimated at more than $ 1 billion.
Why did GMT fail?
Move to Make Money is a relatively new industry that is changing the NFT, gaming and exercise industry around the world. Its concept has become popular thanks to SweatCoin, a platform with more than 30 million users from around the world.
The concept of Stepn is relatively simple to understand. First, developers have created mobile applications that anyone can install on their smartphone. Developers will use the phone’s built-in GPS tool to confirm that the person was walking or running.
Second, developers have come up with an innovative way to get people to buy sneakers in the form of NFT. This way, people can earn virtual currency that they can convert into cash within minutes.
In the past few months, the StepN ecosystem has grown tremendously. It has more than 560 thousand users from all over the world. The platform makes money by charging a commission when people issue NFT tokens in its ecosystem.
Stepn has two cryptocurrencies. The Green Metaverse token (GMT) is the management coin and the Green Satoshi token (GST) is the utility token. GMT has an unlimited supply, while GST has a supply limit of 6 billion tokens.
The price of GMT fell sharply in May after developers decided to deactivate GPS from China, the world’s most populous country. They blamed the situation on restrictive rules. This explains why the coin has struggled to recover since then.
GMT Price Forecast
The four-hour chart shows that the GMT price has been in a strong bearish trend for the past few weeks. It formed a descending channel shown in black. In addition, it is consolidating along the 25-day and 50-day moving averages, and the MACD indicator is below the neutral level.
Thus, the coin will continue to fall, as the bears aim for the next key support level at the level of 0.73 dollars, which is the lower side of the downward channel. On the other hand, a move above the top of the channel at $1.3725 would signal a predominance of buyers.
Author: Anton Zaitsev, Analyst Freedman Club Crypto News
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