GMT surges over 30% in a single day, reigniting the GameFi craze?
STEPN is a decentralized application (dApp) project that combines blockchain technology with sports and fitness. It aims to encourage users to earn cryptocurrency rewards through the “Move-to-Earn” (M2E) model by exercising. Users can earn native token rewards from the platform, such as GST (Green Satoshi Token) and GMT (Green Metaverse Token), by wearing NFT sneakers and engaging in physical activities like walking, running, or other forms of exercise in real life.
The core goal of STEPN is to incentivize users to earn cryptocurrency rewards through fitness activities, particularly walking and running. Through this model, STEPN offers users the opportunity to enhance their physical health while earning cryptocurrency.
GMT is STEPN’s governance token, which users can use for project governance, to earn additional rewards, or to purchase services on the platform. Acquiring GMT tokens typically requires higher-tier NFT sneakers and ongoing participation in platform activities.
According to Gate.io market data, GMT is currently priced at $0.175, with a 24-hour increase of 28.3%. The current circulating market capitalization of GMT is $460 million, ranking it 163rd in the market. The historical highest price of GMT was $3.80, reached in April 2022, and it is currently down 95% from that peak.
GMT Market Analysis
Trading Data
- Latest Price: 0.175 USDT
- 24-hour Increase: 28.30%
- 24-hour High: 0.1779 USDT
- 24-hour Low: 0.1318 USDT
- Trading Volume: 9,191,648.13 GMT
- 24-hour Net Capital Inflow: 31,489,837 USDT
- Support Level: 0.1425 USDT
- Resistance Level: 0.1637 USDT
- RSI: Overbought, suggesting a potential pullback in the short term.
Trading Strategy Suggestions
Strategy 1: Short-term Bullish Strategy
- Direction: Bullish
- Entry Price: 0.175 USDT
- Stop Loss Price: 0.1637 USDT (Resistance Level)
- Target Price: 0.185 USDT (Expected Increase)
Reasoning and Features: Currently, market sentiment leans towards bullish, and capital inflow is strong. Although RSI indicates overbought conditions, a pullback may occur in the short term, the overall trend remains upward. Entering at the current price with a reasonable stop loss helps control risk.
Strategy 2: Short-term Bearish Strategy
- Direction: Bearish
- Entry Price: 0.177 USDT (Near 24-hour High)
- Stop Loss Price: 0.185 USDT (Expected Target Price)
- Target Price: 0.1637 USDT (Resistance Level)
Reasoning and Features: Given that RSI indicates overbought conditions, a market pullback may occur, making it suitable for a short-term bearish operation. Entering near the peak with a stop loss in place prevents further gains. The target price is set at the resistance level, aligning with technical analysis expectations.
Outlook
STEPN is an innovative “Move to Earn” project that combines fitness, blockchain, NFTs, and gamification elements, encouraging users to exercise to earn cryptocurrency. It offers a new way to promote a healthy lifestyle and rewards users with GMT tokens, while also advancing the popularity of NFTs and cryptocurrencies.
Despite the attention STEPN’s innovative model has garnered, the project’s long-term success faces challenges from technology, market competition, and regulation. If it continues to innovate, optimize user experience, and adapt to market changes, GMT still has significant growth potential.
