Key Takeaways:
- STEPN's GMT token surged 18% in the previous 24 hours.
- Technicals on the four-hour chart hint at a cool-off.
- The rally came in the wake of GMT and GST Coinbase listing, announced on Apr. 27
YEREVAN (CoinChapter.com) – GMT, the Green Metaverse Token introduced by Solana-based Web3 lifestyle app STEPN, gained 18% in 24 hours and traded at just below $4.0 in Thursday’s Asian-Pacific session. Moreover, the token stepped into the top 50 cryptos with a bang, ranked #45 on Apr. 28, with a market cap of $2.4 billion.
Also read: Cryptocurrency prices today: DOGE, ETH, MATIC, GMT, XRP.
Red flags for GMT?
The GMT token also retested a former resistance, as CoinChapter previously predicted. It added weight to the rally as the asset traded above its 20-4h exponential moving average (red on the chart below), seeking support. However, the declining trading volumes within the session signified a cool-off underway.
Moreover, the relative strength index (RSI) registered a bearish divergence, supporting the looming correction forecast. In detail, while the price action kept printing higher highs, the RSI (purple graph at the bottom) registered lower highs month-do-date, signaling a cool-off underway.
Also read: GMT soars 60% after “STEPN x ASICS” NFT announcement.
If the lowering buying pressure triggers a sell-off, GMT is likely to retest the said support again, without the immediate threat of breaching it.
Meanwhile, the latest surge was brought on by Coinbase, one of the largest crypto exchanges. The platform listed STEPN tokens GMT and GST (Green Satoshi; STEPN’s governance token), boosting their value.
Also read: Green Metaverse Token (GMT) soars 300% as STEPN app hints at upcoming partnerships.
Coinbase lists STEPN’s GMT and GST
The exchange shared the news on Apr. 27, attaching the “Experimental” label to both assets. Coinbase further asserted that the inbound transfers for both GMT and GST assets were available, but the trading would start “on or after 9 AM PT on April 28, if liquidity conditions are met.”
Also read: Polygon burns 650K tokens after launch of Burn Mechanism, but MATIC lost 50% since.
Once a sufficient supply of this asset is established trading on our GMT-USD, GST-USD, GMT-USDT, and GST-USDT trading pairs will launch in phases. Support for GMT and GST may be restricted in some supported jurisdictions.
added the platform.
