STEPN (GMT): Jogging wedge with healthy price consolidation

Price (GMT): $3.21 (previous day: $3.47)

• Short-term resistances/objectives: $3.76/$3.86, $4.96, $5.78, $7.42
• Short-term supports: $3.35, $3.12/$3.01, $2.78, $2.58, $2.34, $2.25, $2.10/$2.01

STEPN daily forecast

• STEPN is currently being consolidated. The hype around Asics-branded NFT virtual running shoes had caused the GMT course to sprint north by more than 70 percentage points in the past few days.
• STEPN hit a new all-time high of $3.86 yesterday, Wednesday April 20, before starting profit taking towards $3.35 in the final hours of trading.
• As long as the GMT price can stabilize above $3.01 in the short term, another attempt at a rally towards $3.70 is possible.
• Continued interest in this new move-to-earn concept could boost the altcoin, which is currently valued at around two billion US dollars, in the near future and prices could start at around five US dollars.
• BTC-ECHO Tests Innovative NFT Sneaker App for Jogging and Earning Money in First Reality Test, Highlights Potential Price Risks.

Bullish Scenario (STEPN)

• Over the past 48 hours of trading, the GMT price has literally exploded from its all-time low of $2.24 to yesterday’s high of $3.86.
• The subsequent consolidation took STEPN back to the first relevant support at $3.35. Here there is a set of supports with EMA50 (orange) as well as Supertrend and 78 Fibonacci retracement.
• However, the GMT price is currently threatening to break below this end-of-hours support.
• Thus, the red support zone appears as the next reversal zone.
• If STEPN’s price stabilizes in this area and rebounds significantly towards the current all-time high, the bulls will stay on the trigger immediately.
• A momentum break above the current all-time high would provide additional price potential towards $4.96.
• If the bulls manage to sustainably break above this price mark in the next few days, a further rise to the 161 Fibonacci extension at $5.78 is on the cards. Investors are likely to take more profits here.
• If the GMT price stabilizes above this important price target, a price jump to $7.42 in the next few weeks cannot be ruled out in the medium term.
• However, investors should note that STEPN is up over 3000% in the past six weeks. Despite all the hype, the upside potential seems to have been somewhat exhausted.

Downside Scenario (STEPN)

• If the GMT price drops back below the area around $3.30 at the hourly close and $3.22 offers no support either, the red support zone between $3.12 and $3.01 appears as a corrective target.
• Important support awaits here with the 61 Fibonacci retracement and the 4-hour chart supertrend. A rebound to the north is already very likely here. Current interest appears to remain high, with more than $3.4 billion in trading volume recorded in the past 24 hours, according to Coingecko.
• If the bearish camp generates enough selling pressure and sustainably pushes the GMT price below $3.01, the correction will extend towards $2.78. Here, the cross support of EMA200 (blue) and 50 Fibonacci retracement has a stabilizing effect.
• Other investors who want to participate in the hype surrounding the jog token will want to use this new test for new entry.

High priority support levels

• Should this be undercut by the end of the hour, a retest of the breakout level at $2.58 should be expected. Since the golden pocket of the current price movement also works here, the bulls will grab it again.
• If, contrary to expectations, the bears can generate enough selling pressure and the area around $2.58 is also abandoned, an extension of the correction towards $2.25 is possible.
• A slip below the last all-time low would again highlight the maximum correction zone between $2.12 and $2.01. For the time being, however, a relapse into this chart region should not be expected.
• Both the RSI and MACD indicators show sell signals in the 1-hour and 4-hour charts. On an hourly basis, however, both indicators have returned well, which is why new buy signals can be activated at any time.

Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations. They are only an evaluation by the analyst.

The images in the chart were created using TradingView created.

USD/EUR exchange rate at time of writing: 0.92 EUR.