Is GMT Going To Zero? GMT Price Drops 25% as Meme Kombat Reach $6.3 Million
Following a surge of 30% yesterday, the move-to-earn platform STEPN’s native token GMT price trajectory took a drastic turn, plummeting by 25% from its peak and currently trading 14% lower over the last 24 hours.
At the time of writing, GMT is trading at $0.3772 USDT, with a market capitalization of $591.2 million USDT. Despite the big price drop, the 24-hour trading volume of $815.8 million USDT indicates sustained interest in the token.
A closer look at the short-term moving averages (MAs) reveals an interesting pattern. The 20-day EMA stands at $0.3156, the 50-day EMA at $0.2866, and the 100-day EMA at $0.2573. Traditionally, MAs in this alignment suggest a potential for continued bullishness, which could hint at a rebound for the GMT price.
On the other hand, the MACD (Moving Average Convergence Divergence) presents a mixed signal. Today’s MACD is 0.0197, a slight increase from yesterday’s 0.0163. This marginal rise suggests a weak bullish momentum, which might not be good enough to drive a substantial price recovery.
The RSI (Relative Strength Index) stands at 66.69 today, almost unchanged from yesterday’s 66.57. This positioning in the ‘slightly overbought’ territory might concern traders, as it can be a precursor to a potential price retracement or consolidation.
Focusing on the Fibonacci retracement levels, GMT’s price movements are pivotal. Currently, the token is struggling with golden resistance levels at $0.3771 and $0.3832. In the past week, GMT has failed to breach these levels three times, indicating strong selling pressure. Should the price not close above at least one of these levels, we might see it dropping to the nearest support at $0.3548. On the flip side, a successful close above these levels could
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