STEPN (GMT) Price Prediction – May 7
There have been some downward steps in the GMT/USD market activities over a couple of sessions. Currently, the crypto-economic price is striving for recovery as it trades between the $2.83 and $2.66 value lines, keeping a positive percentage rate of 4.46.
Resistance levels: $3, $3.50, $4
Support levels: $2.50, $2, $1.50
GMT/USD – Daily Chart
The daily chart reveals that the GMT market is striving for recovery against the US Dollar’s purchasing power. Formerly, a long-ranged of lower lows featured between $3.50 and $3 trading points but, the price eventually declined significantly during the May 5th session to around the $2.50 support level. The 14-day SMA indicator intercepted the 50-day SMA indicator to the south side to signify that a downing process is on course. The Stochastic Oscillators have crossed northbound closer to the range of 80.
Will the GMT’s striving for recovery against the USD be achieved past the $3 resistance level?
The positioning of the smaller SMA around the $3 resistant trading zone suggests that it may take a while for the GMT market to surge past it as the crypto economy is striving for recovery. In the meantime, the recovery moving process is on an increasing mode as indicated by the Stochastic Oscillators. An aggressive buying force may come up suddenly against the points of $3 and 43.50 to make a profiteering moment out of the present upward recovering motion.
On the downside of the technical analysis, the GMT/USD market short-position players are to suspend their re-featuring in the business operations. It is important to wait for another round of ideal trading outlook to suggest several rejections at a higher-trading resistance zone before considering a selling order afterward. Going by the pace of the striving efforts that the crypto economy puts up with currently, it’s un-technically inclined to launch a new sell position for now.
GMT/BTC Price Analysis
Juxtaposing the trending capacity outlook existing between Stepn (GMT) and Bitcoin (BTC), the base crypto has suffered some degrees of declination against the flagship countering crypto. However, it is observed currently that the cryptocurrency pair trade is striving for recovery. Over time, the 14-day SMA freshly intercepted the 50-day SMA to the downside within bullish channel trend lines. The Stochastic Oscillators have traveled northbound from the oversold region nearing the range of 80. That suggests that GMT is on a gradual pushing mode against BTC to the upside direction.
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