- In 2022, one of the fastest-growing assets in the cryptocurrency market had rapidly lost a third of its value after an announcement at the end of May that frightened the majority of investors. However, the cryptocurrency has returned to the market with a promising rise.
A few days before the start of summer 2022, STEPN had to make an alarming announcement that suddenly brought the price of the token down 30 percent, but despite the project’s bleak future, GMT has gained 75 percent in the past seven days. This means that investors stillmove to earn” demonstrates their willingness to support the business model.
On the one-day timeframe, GMT is successfully advancing to the first level of resistance on its way to a full rally return. As of now, STEPN has reached the 50-day moving average, which acts as a barrier between declining and rising assets.
In the event of a breakout, we will witness a complete trend reversal as no more daily resistance levels, including the 200-day moving average, have yet emerged and this remains the main resistance level for any asset emerging from a strong downtrend.
Unfortunately, in the past few hours, STEPN has failed to break out of the 50-day Exponential Moving Average and has reversed by around 10% in the past few hours, suggesting that the lack of weekend trading volume is preventing GMT from entering full rally mode. .
Announcement that puts Metaverse Coin in jeopardy
As previously reported by KoinFinans, STEPN‘s official Twitter account states that due to the regulatory problems faced by the project in China, Chinese investors and “walkers” will no longer be able to use the products of the platform, otherwise they will be banned by the platform. had explained.
After most STEPN users had to leave the project, GMT token It had lost more than 30 percent of its post-news value.
Fortunately, the project allowed investors to withdraw all holdings and use alternative means of accessing the app. However, STEPN constantly monitors the performance of each device connected to an account and monitors the person’s walking progress, which prevents the application from being used with a VPN. STEPN will monitor users’ software to see which users are located in mainland China, and the project will limit those accounts to GPS on July 15.
According to CoinMarketCap data, STEPN is trading at $0.98 at the time of writing.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.