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STEPN’s GMT Token Capitalized On The Bullish Retracement

Stefan by Stefan
31/07/2022
in Altcoin News
Reading Time: 2 mins read
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STEPN’s GMT Token , network, price, level, users,
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STEPN’s GMT token capitalized on the recent bullish retracement as the coin was in sync with other cryptocurrencies as we can see more today in our latest altcoin news.

STEPN made upgrades on the network to rekindle the waning interest of the gamers so the token seems to be making quite a lot of progress. The move to earn game rolled out Health Points recently which set a certain lifecycle for STEPN sneakers and they were brewing an exciting STEPNRun contest which will kick off from July 28 to August 8 which is meant to get the word out about the platform on social media.

STEPN’s GMT token is now set at $1.01 and will take off likely in the next few days. It looks like STEPN is warming up at this point with the recent updates. When the contest was launched, the GMT tokens gained support and reached $0.92, and the price increased by 4% as seen in the past few days. Alongside the growth in value, the trading volume also surged for the same period and the GMT Trading volume surged by over 25%, taking only a few days for the token to gain traction. The GMT total token market cap jumped to $606.36 million from $553.76 million.

gmt token
GMT 24-hour Price Chart (Source: Coingecko)

With the prices showing an upward trend overnight, CoinMarketCap showed a surge of 4.12% in the GMT prices in the past day. In the meantime, the token seems to be hovering near the overbought domain as it can be seen on the charts. The Token’s RSI was also spotted at 59.63 and on the other hand, the GMT social dominance lagged behind by 23% in one day while on a weekly level it dropped by 67%. the token saw some moderate volatility as well and with that being said, STEPN is not in the top 43% of cryptocurrencies in terms of volatility.

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The GMT price is geared for an uptrend and with the resistance at $1.03 it can set it up for a new bullish movement before it faces hurdles from the selling pressures.

As recently reported, Stepn is a popular web3 move-to-earn fitness game that expanded the program to buy back and burn the GMT tokens and the game will also expand to Ethereum blockcahin. The STEPN web3 fitness game offers a move-to-earn experience and makes major moves of its own after announcing that it will use a portion of the Q2 profits to buy back and burn the tokens with the company revealing an expansion to the ethereum blockchain. According to the company it earned $122 million in second quarter profits from platform fees and it plans to use 5% of that to purchase the STEPN GMT governance token from the secondary markets.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: bullish retracementgmt tokenstepnstepn gamestepn gmt tokenstepn network
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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