The activity of STEPN, which is preferred by Turkish crypto money investors, continues to decrease. Therefore, the altcoin’s GMT token seems poised for a surge in volatility. Web3 ‘move to earn’ altcoin project STEPN has not registered any new users on the BNB Blockchain version in the past three days. However, activity from existing users continues to decline. We have prepared analysts’ STEPN assessments and forecasts for our readers.
“Altcoin at risk of definitive correction”
It looks like STEPN’s GMT token is poised for an important price moment. GMT is currently trading 77% below its all-time high of $4.2 at the end of April. The token briefly rallied last month after hitting $0.53 on June 13. Still, STEPN gives no clear indication of its next direction. It also appears to be locked in a recessionary period.
The 12-hour chart shows that the price action of GMT has formed an ascending triangle. The consolidation pattern predicts a 50% price action could come if STEPN breaks the $1.10 resistance or the $0.79 support level. This target is derived from the height of the triangle’s Y-axis.
Technical indicators are showing indecision about the price of GMT. On-chain activity, however, presents a rather pessimistic outlook. The number of active players on the BNB Blockchain version of the game has dropped by about 96% in the last two months. Also, no new BNB player has joined in the past three days. A similar trend is taking place in the flagship version of the app in Solana. It registered an all-time high of 104,149 users on May 26. However, then there are only 20,777 players, representing an 80% drop in activity as of July 14.
User activity indicates that STEPN is in decline. However, before entering a long or short position, it is important to wait for the price of GMT to close outside of the $1.10 to $0.79 range. It is possible that only a sustained exit from this area of interest will help determine GMT’s next step. Until that happens, it’s good to be careful.
What is STEPN?
STEPN, one of the Turks’ favorite altcoins, owns the GameFi elements on the Solana Blockchain. Altcoin is a distinctive ‘Web3 lifestyle app’. It combines the features of the play-to-earn game with a fitness app to create a new category called ‘move-to-earn’. Users purchase NFT sneakers that they can use to earn in-game cash while walking or running.
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