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STEPN is firm at spot rates, adding 61 percent versus the USDT. GMT may rally to reclaim $4 if $1 remains as the primary support in the medium term.
Past Performance of STEPN
The GMT token is one of the top performers as per the arrangement in the daily chart. Rising a massive 61 percent against the USDT in the past 24 hours, STEPN is also outperforming ETH and BTC in the same period. The GMT crypto appears to be bottoming up after dumping 80 percent from May 2022 peaks.
STEPN Technical Analysis
GMT crypto prices are reversing from the 78.6 percent Fibonacci retracement level of the March to April 2022 trade range. Overall, bears are in control. However, the wide-ranging bullish engulfing bar of May 13 may set the trend, triggering a leg up. As it is, aggressive STEPN bulls may load the dips above $1, targeting $2.7 in the immediate term. Further gains may see GMT reverse losses and reclaim $4 or April 2022 highs. On the reverse side, losses below $1 and May 12 may force GMT back to all-time lows of $0.02.
What to Expect from GMT?
Buyers are confident following today's gains. As per the formation in the daily chart, $1 is a psychological round number. It could anchor the leg up in the short term.