Our GMT price prediction is not looking great as the price has failed to generate any reversal signals. On 12th May 2022, Green Metaverse Token (GMT) dipped to the lows of $0.81, shedding most of its gains from the last month. A relief rally took the GMT coin to the $1.49 level, from where it faced another rejection.
Green Metaverse Token (GMT) is the native asset of the STEPN app. The app leverages NFTs for its novel move-to-earn platform. The protocol is built on Solana and allows the users to monetize their workouts like running, jogging and walking. At the time of writing, GMT price is trading at $1.38, which is 66% below its all-time high of $4.11.
As per STEPN news today, the official Twitter account of the fitness app has crossed 500k followers. This also depicts the platform’s exponential growth within a few months. The platform has become pretty viral among crypto enthusiasts as it allows them to earn passive income. Nevertheless, many crypto analysts believe the project’s current economic model isn’t sustainable. Some sceptics are even predicting a Terra like collapse for the STEPN ecosystem.
GMT Price Prediction
Technical Analysis of GMT crypto shows that the cryptocurrency has been trading inside a descending triangle since its rejection from $1.49. Therefore, a close of a daily candle below the current support of $1.28 might trigger another bearish leg. In such a scenario, STEPN GMT is likely to retest its 12th May low of $0.81.
A bullish GMT price prediction of $2 could also be me if the price breaks upwards from the descending wedge. This bullish target also aligns with the 0.618 Fib level of the current retracement from the $0.81 low. However, such a move seems to be unlikely in the current scenario as the Bitcoin price is still trading below $30,000.
In case of another dip, the Green Metaverse Token needs to hold its support of $0.7-$0.8. A breakdown of this support could even take it below $0.50.