STEPN (GMT) falls 16% in two days after charting new ATH

NEW DELHI (CoinChapter.com) — Game-Fi and Social-Fi app STEPN’s native tokens’ prices reached a new ATH on news of their listing on the Coinbase.

Furthermore, both the tokens have been trending upwards since early Mar 2022. As a result, the move-to-earn industry is garnering increasing hype, thanks to the token rewards to active users. In addition, STEPN’s tokenomics also attracted investors.

STEPN sells NFT shoes on its platform and uses the proceeds to buy back Green Metaverse Token (GMT) and burns them, reducing supply. A lower supply-higher demand model usually helps appreciate a token’s supply. In addition, GMT has a limited supply of 6 billion tokens.

GMT functions as the platform’s governance token.

On the other hand, the Green Satoshi Token (GST) is STEPN’s game token, which the players use to mint new NFT sneakers. Players can also use GST to repair and level up the NFTs. Increasing STEPN users would likely help add bullish cues to GST prices.

GMT Price Charts

The GMT token’s prices reached an ATH of $4.18 in the early hours of Apr 28, before bears moved to book profits.

On the four-hour (4H) chart, GMT prices swung above and below their 20-4H moving average (red wave) during trading on Apr 29, indicating both bears and bulls are active. At present, GMT prices have immediate resistance near $3.89.

Also Read: GMT forays into top 50 cryptos with an 18% intraday rally, as Coinbase lists STEPN GMT,GST tokens.

STEPN’s growing ecosystem might help GMT prices move above its recent ATH to target resistance near $.4.2

Conversely, if the bears grow stronger, GMT prices might fall to support from its 20-4H MA (red wave) near $3.6. A sustained sell-off might see GMT prices test support from its 50-4H MA (yellow wave) near $3.4.

Meanwhile, momentum oscillator MACD is bullish for GMT prices on the short-term chart. Negative bars on the MACD histogram are contracting, indicating the MACD line (difference of 12-4H and 26-4H EMA) might move above the MACD signal line (9-4H EMA of MACD).

The MACD line moving above its signal line forms a bullish crossover pattern, which traders often consider a buy signal.

GST Price Charts

STEPN’s game token GST took the rocket ride with GMT to chart a new ATH ($9.04) on Apr 28. However, GST prices fell by nearly 36% from Apr 28’s ATH to reach an intraday low of $5.8 (Binance) on Apr 29.

GST fell below its 20-4H MA (red wave) but held above support near its 50-4H MA (yellow wave) at $5.6. Furthermore, a market-wide sell-off might further push the STEPN game token to support near its 100-4H MA (purple wave) at $5.16.

Finally, the GST token has support from its 200-4H MA (green wave) near $4.8.

Conversely, a reversal would see GST prices challenge resistance from its 20-4H MA (red wave) near $6.4. Moreover, a sustained uptrend might push the GST token to reach $6.9 before prices pull back.

Also Read: GMT soars 60% after “STEPN x ASICS” NFT announcement.

Trend-based momentum oscillator MACD charted a bearish crossover for GST prices on the 4H chart. The pattern forms when the MACD line (difference of 12-4H and 26-4H EMA) moves under the MACD signal line (9-4H EMA of MACD).

Traders usually consider the pattern a sell signal and might add bearish cues to GST’s price action.

At the time of writing, GST was trading at $5.7, down 11.2% on the day.