The GMT price has discovered that gravity exists even as the StepN platform continues its spectacular growth. StepN is trading at $2.6380, about 45% below the highest level on record. Its market cap has dropped to more than $1.5 billion, making it the 59th biggest cryptocurrency globally.
StepN growth continues
StepN has been in a strong bullish momentum in the past few months. As a result, the move-to-earn cryptocurrency has seen the number of its platform keep rising. According to the developers, daily active users have jumped to over 533,000.
At the same time, the number of weekly users has risen to more than 1.1 million, while those who use it actively per month have risen to over 2.3 million. This makes it one of the fastest-growing fitness and gaming brands globally.
Meanwhile, its social media users have been rising as its popularity rockets upwards. The official Twitter page crossed the 400k level during the weekend, and the developers hope to get to 500k soon. In a bid to promote the platform, they announced that they were giving $1.5 million worth of NFTs to lucky winners. The giveaway will be in the form of 50 pairs of BNBChain Genesis Sneakers. Historically, cryptocurrency prices tend to do well ahead of a major giveaway.
The GMT price has declined sharply as investors take profit, considering that its price was up by more than 30,000% since its launch. The decline has mirrored that of other assets like Bitcoin, Ethereum, and even stocks. For example, the Nasdaq 100 index has dropped by more than 24% from its highest level this month.
GMT price prediction
In my last note on StepN, I warned that the party was ending. The four-hour chart shows that the Stepn price has moved sideways in the past few days. As a result, the Bollinger Bands width has narrowed substantially in the past few days while the Relative Volatility Index has moved to the neutral level.
Therefore, with volatility low and the fear and greed index retreating, there is a likelihood that the coin will remain in this narrow range. However, the risk of more downside cannot be ruled out. If this happens, the next key support level to watch will be at $2.35.