STEPN Price Drops 4+% Due to Bulls’ Reluctance to Breach Resistance
During the last 24 hours, the STEPN (GMT) market has been tumbling after bulls threw in the towel at the day’s high, $0.4607. The recession caused bears to exert their influence on the GMT price, and it plummeted to a low of $0.4289. At the time of publication, the bearish run was still active, with the GMT price at $0.4343, a drop of 5.50 %.
Both market capitalization and 24-hour trading volume fell during the recession, plunging to $260,525,884 and $119,804,501, respectively, from their pre-crisis highs. This dip was due to investors’ reluctance to commit capital and a general lack of confidence in the market, worsened by a decline in trading volume.
GMT/USD 24-hour price chart (source: CoinMarketCap)
The bearish crossover is visible on the 4-hour price chart as the Aroon down moves above the Aroon up with readings of 92.86% and 14.29%, respectively. This shift indicates that the price is in a downtrend, due to the sellers gaining more momentum than buyers, pushing the price lower. As a result, traders should be aware of this bearish crossover and look for opportunities to enter short positions to capitalize on the current downtrend.
The Price Volume Trend (PVT) reading of 70.037M indicates that the GMT market is actively selling, consistent with the bearish crossover indicated by the Aroon Down readings of 92.86%. This PVT level should warn traders because it marks the solid bearish momentum, implying that the price may continue to fall soon.
With a Chaikin Money Flow (CMF) reading of 0.02, it is clear that capital inflows into the GMT market are weak, supporting the bearish market conditions indicated by the Aroon Down readings. As a result, traders should exercise caution when entering short positions and seek to reduce their risk exposure by implementing appropriate stop-loss and take-profit levels.
GMT/USD chart by TradingView
Recently, the Klinger Oscillator has dropped below the signal line, indicating that the GMT market is becoming oversold and a buying opportunity may soon present itself. A continuing decline in the oscillator may foreshadow a downward trend in GMT market prices.
Given that the Know Sure Thing (KST) indicator has been trending downwards with a value of -24.6283, a bearish phase for the GMT market is likely on the horizon. Moreover, now that it has crossed below its signal line with a negative reading, the bearish trend in the GMT market may be here to stay. Thus, it is prudent to analyze the GMT market carefully and consider taking enough measures to prevent significant losses.
GMT/USD chart by TradingView
Bearish trend is expected to persist in the GMT market, but if bulls battle on, a turnaround may emerge.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.