Unlike the rest of the crypto market, February has not been a great month gmtMain crypto tokens that are part of STEPN’s popular Move-to-Earn (m2e) platform. GMT was last changing hands in the $0.38 area, down nearly 30% this month, despite monthly gains of 1-3% in both major cryptocurrencies bitcoin and ether and a nearly 2.5% increase in total crypto market capitalization.
in fairness, gmt A 30% drop this month is looking less bad when the cryptocurrency enjoyed a rally of nearly 150% in January. That said, bulls shouldn’t get too excited about a 2023 rally – even at its earlier high of $0.70 per coin, GMT is still around its 2022 record high of $4.30. was down over 80%.
Price Prediction – Where’s Next for STEPN (GMT)?
Since late January, GMT has been forming a bearish flag structure. Some analysts believe this could result in a bullish breakout that could open the door for a retest of the annual high-bearish flag pattern that often forms during a bull market consolidation phase.
But if GMT is to rise above the bearish flat structure, it has several key resistance levels to overcome, including the 100 and 21-day moving averages, the latter of which has acted as strong levels of resistance in recent weeks. is working in After breaking out of the flag pattern, GMT will face resistance in the form of the 50 and 200-day moving averages, which act as important support-resistance spreads in the $0.49 area.
GMT bulls will be hoping that the broader crypto market rally, which has slowed down this month, can pick up once again in March and take back some of the buying pressure. But macro headwinds could continue to cap the upside in the form of stronger-than-expected US data in the coming days and weeks, if markets continue to price in a more aggressive Fed tightening program for 2023.
Option to consider STEPN (GMT)
According to ICODrops.com, STEPN’s GMT token has gained 38x since its ICO in March 2022 at $0.01. The fact that STEPN has made huge profits should come as no surprise as the project has built itself up to be one of the most popular existing move-to-earn platforms.
But STEPN has major limitations. Trainer NFT requires a heavy initial investment before users are able to start earning for walking. Meanwhile, users are not rewarded for all types of activity, only for measurable activity (i.e. steps and speeds).
Many exercise enthusiasts are not runners, joggers, walkers or hikers. Many are gym goers and martial artists. Currently, STEPN has little to offer these peers.
But a new web3 fitness start-up named to fight is here to change that. Fight Out users will be able to earn crypto from exercising instantly from a range of different exercise types, without any expensive NFT buy-ins.
Fight Out is currently conducting a pre-sale of FGHT tokens that will power its Web3 ecosystem and has already raised over $4.8 million. The token is set to be listed on centralized exchanges in April at $0.033 per token. It is very cheap as compared to GMT token.
While GMT may be able to post 5-10x gains over the next few years, FGHT’s potential growth is arguably huge.
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