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STEPN Kickstarts Gamers’ Interest As GMT Capitalizes On Bullish Retracement

And the game is on for STEPN as the GMT token plays in sync with other cryptocurrencies amplified for the bull run.  In the past couple of weeks, STEPN has been making upgrades on its network to rekindle the waning interest of gamers. And the token seems to be making a lot of progress.

The move-to-earn game has recently rolled out Health Points that set a certain life cycle for STEPN sneakers. They also were brewing an exciting STEPNrun Contest that is scheduled to kick off from July 25 to August 8 which is meant to get the word out about STEPN on social media. The contest is designed to run on both Instagram and Twitter.

GMT Token Price Warms Up At $1.01

The GMT token price is currently at $1.01 and is forecasted to take off in the past couple of days. It looks like STEPN is just warming up at this point with its recent updates.

When the contest was launched, GMT tokens gained support and advanced to $0.92. The GMT price has since then remarkably increased by 4% as seen in the past few days.

Alongside the GMT price growth, trading volume also surged for the same period. GMT’s trading volume has spiked by over 25% or at 492.16 million as of this writing. It only took a couple of days for the token to gain some traction. Additionally, GMT’s total token’s market cap has also jumped to $606.36 million from $553.76 million.

With the prices still showing an upward trend overnight, CoinMarketCap showed a 4.12% spike in STEPN’s GMT price in the last 24 hours.

STEPN’s GMT Token Set To Go Bullish In Coming Days

Meanwhile, STEPN’s GMT token seems to be hovering towards the overbought domain as seen on the 4-hour chat with the Money Flow Index or MFI at 74.02. Moreover, the token’s RSI was also spotted at 59.63.

On the other hand, GMT’s social dominance has lagged behind by 23%. Its social volume also declined by 67% as seen in the past couple of days. The token is seen to be moderately volatile or on the average when pitted against other cryptocurrencies.

With that being said, STEPN is currently in the top 43% of cryptocurrencies in terms of volatility.

STEPN’s GMT price is geared for an uptrend. With resistance at $1.03 and support found at $0.935037596620583, this sets up STEPN to go for a bullish movement before it faces hurdles from selling pressures.

Crypto total market cap at $1.06 trillion on the daily chart | Source: TradingView.com
Featured image from Atomic Wallet, chart from TradingView.com

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Stepn GST Token Slides 97% – Despite Fitness App Having 3M Users

Stepn (GST) is competing in the fitness industry using cryptocurrencies and the blockchain.

Stepn is a smartphone software built on Solana and produced by app developer FindSatoshi Lab that allows users to earn money by jogging, running, or walking.

Under the influence of this bearish market, however, the price of GST (Green Satoshi Tokens) has fallen below the $1 critical support level. The coin is currently trading at $0.18, representing a 97 percent decline from its all-time high of a little over $9 on April 28.

To prevent the ecosystem from imploding, the coin must once again attract purchasers like it did during that month.

Suggested Reading | Bitcoin Steady Above $20K After Drop To $17K – A Slow Climb To Green?

Can 3 Million Stepn Users Help Boost GST Price?

The NFT-based exercise app has amassed 3 million active users each month. Given the high number of customers, market experts wonder if this will cause the GST price to rise slightly.

Similar to Fitbit, Stepn is a GPS-based game in which the app counts your activities and steps. To begin running, you must acquire a virtual pair of sneakers. These newly-minted NFTs can be resold on the market for a possible profit to purchase a better pair.

By the way, the Stepn app doesn’t work with a treadmill or any other electric-powered gym equipment: you must use your legs, and run outside of the house.

Two months ago, Web3 employees would boast on Crypto Twitter about making up to $30 just by running. At the time, one pair of Stepn’s NFT sneakers cost a whopping $600 (priced in SOL).

Crypto total market cap at $905 billion on the daily chart | Source: TradingView.com
GST Price Drops Lowers

Those that engage in physical exercise can earn GSTs. Different types of sneakers refund GST at varying rates; the better the efficiency attribute of a sneaker, the more GST the user can earn per minute. At the peak of GST, you might get your money back in approximately 30 days.

Now, GST is only 18 cents, and jogging a few miles with an entry-level footwear NFT will earn you less than $1, which is a far cry from the easy $30 you could earn by running a short distance.

GST was the most popular cryptocurrency earlier this month when the token’s price was closer to $1; however, despite the excitement and a 30 percent increase on June 8, GST’s price fell further.

GST has a market cap of only $23 million and ranks #529 on CoinMarketCap. The market capitalization of GMT is at $365 million, down from $4.17 and over $2.2 billion at its peak on April 28.

Suggested Reading | ApeCoin Shed $2.5 Billion From Its Market Cap In May – Investor Appetite Fading?

Featured image from RationalInsurgent, chart from TradingView.com