The Green Metaverse Token (GMT) price is down by 7 per cent in today’s trading session. The drop extends Tuesday’s 11 per cent drop.
GMT Business Model
Move-to-earn applications have become popular in the past years. Today, GMT is among the leaders in the industry. The platform allows users to earn money by walking and running. Participants are awarded using the platform’s native tokens. These tokens can be staked, used as protocol revenue, or used for governance.
On the other hand, the platform earns money by selling in-game items. Users participating in the move to earn platform are required to purchase items such as Asics sneakers, which they then use on the platform. These items can sometimes be costly. For instance, Asics cost the equivalent of $7,000. The metaverse in-game purchases, however, help participants to continue using the platform and earn money in the form of GMT’s native crypto.
GMT Price Prediction
Since June 26, GMT has continuously traded downwards, losing 27 per cent of its value. Today, the prices opened the markets trading at $0.88 but have dropped to the current price of $0.81, a 7 per cent price drop in just a few hours. The crypto has also hit the $0.85 support level and broken to the downside.
GMT’s price history has also been aggressively bearish. This month, the crypto has lost 31 per cent of its value. The monthly drop has also been a continuation of a strong bearish trend that started in May when prices dropped by 66 per cent.
Therefore, my GMT price prediction expects the prices to continue dropping. There is a high likelihood that we will see the prices hit the next support level of $0.55. This will be a 30 per cent drop from the current prices. However, my trade analysis will be invalidated if prices trade above the $1 price level. At that level, we will already be in a bullish market.