Promising project returns to market with almost 100% growth at one point
A few days before the start of summer 2022, STEPN had to make a rough announcement that dropped the token’s price by 30%, but despite the project’s bleak future, GMT gained 75% of its value over the past few days. last seven years. days, showing that investors are still willing to support the “walk to win” business model.
According to the one-day timeframe, GMT is successfully moving to the first resistance level on its way up to a complete rally reversal. As of now, STEPN has reached the 50-day moving average, which acts as a barrier between descending and ascending assets.
In the event of a breakout, we will see a complete reversal of the trend as other daily resistance levels have yet to form, including the 200-day moving average, which remains the main resistance level for any asset on the way. to break out of a strong downtrend.
Unfortunately, in the last few hours, STEPN has failed to break the 50-day Exponential Moving Average and reversed by around 10% in the last few hours, showing that the lack of trading volume on the weekend is keeping GMT from entering full rally mode.
The announcement that could have killed the project
At the end of May, STEPN’s official Twitter account informed Chinese investors of their upcoming ban from the platform due to regulatory issues faced by STEPN in China.
Thankfully, the project allowed investors to withdraw all assets they had or to use alternative ways of accessing the app. Unfortunately, STEPN constantly tracks the performance of each device tied to an account to track one’s walking progress, which prevents the usage of the app with a VPN.
