Exploring STEPN (GMT): Will Move-to-Earn Revolutionize Crypto or Fizzle Out?
Step right into a latest digital frontier with STEPN (GMT), a web3 token that is making waves with its revolutionary move-to-earn concept. Is this the start of a brand new trend in cryptocurrency, or simply one other bubble waiting to pop? Let’s dive into the small print!
What is STEPN?
STEPN is a novel platform requiring users to don NFT sneakers that earn crypto as they walk, jog, or run. These earnings could be used to reinforce your virtual sneakers or mint latest ones, with an choice to rent sneakers from others in the event you don’t own a pair. Developed by an Australian fintech studio, STEPN won the “Gaming Track” on the Solana hackathon in 2021 and is a component of the DeFi Alliance Gaming cohort.
The Move-to-Earn Concept
STEPN is pioneering the move-to-earn model, aiming to encourage thousands and thousands to adopt healthier lifestyles using web3 technology. It’s the primary project to successfully integrate this idea, setting a possible trend within the cryptocurrency space.
Technical Analysis of GMT
In this evaluation, we’ll explore GMT’s price movements across various time frames using several technical indicators. As of now, GMT sits because the 139th largest cryptocurrency, with a market cap of roughly $459 million. Let’s uncover whether it has the potential to guide on this latest domain.
The Current Landscape
With plans to roll out a trade-in app feature this quarter, allowing users to exchange rewards for physical prizes, STEPN has shown significant progress since its inception. From improving motion sensors and GPS calibration to launching marketing campaigns, the platform is gearing up for further enhancements, including a wallet and marketplace upgrade and an internet marathon. But is that this enough to secure its leadership in a brand new sector? Let’s explore further!
Weekly Time Frame Insights
With the project being lower than a month old, the bulls currently have the upper hand. However, GMT’s relatively low market cap in comparison with other projects could introduce some volatility. The recent candle has set a brand new higher high, indicating a possible upward trend.
Daily Time Frame Observations
The day by day chart doesn’t yet confirm a transparent direction, though we do see hints of bullish activity. If buyers proceed to put bids at current levels, GMT might set latest highs. Failing that, a retest of major support might be on the horizon.
Diving into the 4-Hour Time Frame
In the 4-hour chart, we notice a lack of momentum among the many bulls. A bearish reversal could push the worth towards major support, though a breakthrough may lead to latest price discoveries. Patience is essential here, because the direction stays uncertain.
GMT vs. BTC Analysis
On a logarithmic scale, GMT has recently faced resistance, resulting in a slow sell-off. A breakthrough at this level could propel GMT to latest all-time highs, but one other rejection might send it back to previous supports.
- Weekly: GMT continues to be very latest, with bullish control.
- Daily: No clear direction identified yet.
- 4-Hour: Bullish momentum is waning.
- BTC Comparison: A breakthrough may lead to all-time highs.
Keep in mind that the above evaluation reflects the creator’s personal views, and conducting your personal research is crucial. This content is for informational purposes only and mustn’t be considered financial advice.
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