Closely followed crypto analyst Justin Bennett analyzed the moves of STEPN, which he expects to rise. How did the altcoin get on the analysts’ radar?
Bennett points out a symmetrical triangle that blockchain-based fitness and lifestyle app STEPN (GMT) creates in the chart below. pulled. According to the analyst, the altcoin may experience a major breakout from this formation.
“GMT is a must watch this month.
Breaking this indicates a 40% move.
What do you think… rise or fall?”
The crypto analyst continued by highlighting a recent STEPN pattern that had created higher lows (a higher low from the previous low) and asked:
“What about now?”
At the time of writing, STEPN is trading at $1.04, up nearly 3% in the last 24 hours. Looking at Bennett’s chart, if GMT breaks, it will target $1.28 and $1.65.
Additionally, STEPN said in a recent announcement that it made over $120 million in profits through platform fees from April to June, with 5% of it going to be reserved for token buyback and burn. The remaining capital will be used to improve security, add new team members, etc.
Economist Alex Kruger is also an analyst who closely follows STEPN. Kruger and his 140,600 Twitter followers told two key figures that he was surprised by the altcoin’s strength despite the negative trends.
“The STEPN reward token drops by 99% while new users drop to zero. It’s amazing how GMT can last this long.”
Launched at the beginning of March, STEPN experienced massive growth until the slowdown that began at the end of May.
You can follow the current price action 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.