STEPN (GMT) Reclaims 54-Day Support Area After Deviation

STEPN (GMT) has broken out from a short- and a long-term resistance line and is gradually moving towards its range high.

GMT had been falling underneath a descending resistance line since May 13. The downward movement led to a low of $0.53 on June 13. Initially, this caused a breakdown from the $0.84 horizontal support area. 

However, the price has been increasing since and broke out from the descending resistance line on June 20 and reclaimed the $0.84 area shortly afterwards. This renders the previous breakdown as only a deviation (green circle). All-in-all, the support area has been in place for nearly 54 days.

If the upward movement continues, the closest resistance area would be at $1.34.

Short-term movement

Cryptocurrency trader @Celtralt tweeted a chart of GMT, which shows that the price has bounced at a horizontal support area.

Since the tweet, the price has also broken out from a short-term descending resistance line. It is currently attempting to move above the 0.618 Fib retracement resistance level. It made an unsuccessful attempt at doing so on June 5 and is now gearing up for another attempt.

If successful in doing so, the price would be expected to increase towards the $1.34 resistance area. 

GMT wave count analysis

The most likely wave count suggests that the price is in the C wave of an A-B-C corrective structure (black). Giving waves A:C a 1:1 ratio would lead to a high of $1.34. There is a clear five sub-wave upward movement (red) that completed wave A.

If waves A:C have a 1:1 ratio, this would lead to a high of $1.34, taking the price all the way to the main horizontal resistance area.

For Be[in]Crypto’s latest bitcoin (BTC) analysis, click here

The post STEPN (GMT) Reclaims 54-Day Support Area After Deviation appeared first on BeInCrypto.

Earning Passive Income With Crypto

Related Posts

Fractional NFT Markets Slide 76% in Value in 7 Months, Diced-up Doge NFT Still Leads the Pack

When non-fungible token (NFT) collectibles became popular, the fractionalized NFT market grew past the $200 million range seven months ago in December 2021. Since then, the fractionalized…

Bored Ape Yacht Club (BAYC) NFT Sales Test New Higher-Low Slipping More Than $290M

Similar to more than 90% of NFTs, BAYC saw a significant reduction in sales volume due to negative market sentiment during the seventh month of the year. …

Crypto Use in Metaverse Could Threaten Financial Stability, Says BoE

The prospective widespread use of cryptocurrencies within a fully developed metaverse could pose a systemic risk to financial stability, according to Bank of England researchers. Were the…

Troubled CoinFLEX Files for Restructuring in Seychelles

On Tuesday, the troubled Cryptocurrency exchange, CoinFlex, filed for restructuring in a Seychelles court to resolve a shortfall due to a counterparty failing to make a margin…

Elon Musk Sells Tesla Shares Worth Nearly $7 Billion — Plans to Buy TSLA Stock Back if Twitter Deal Falls Through

Elon Musk has sold nearly 8 million Tesla shares worth almost $7 billion. “It is important to avoid an emergency sale of Tesla stock” if Twitter forces…

Citadel CEO Ken Griffin Spills Beans on Why He Outbid ConstitutionDAO

Citadel CEO Ken Griffin opens up on what prompted him to outbid ConstitutionDAO last year to obtain a rare copy of the U.S. Constitution. The prized document…