StepN’s Green Metaverse Token Sees 50% Surge in Price

StepN’s Green Metaverse Token (GMT) has become one of the best-performing cryptocurrencies after forming a God candle on Friday. The GMT price surged by 50%, reaching an intraday high of $0.2275, its highest level since December 9.

Reasons Behind the Surge

The sudden rebound in GMT price can be attributed to several factors. One reason is the increase in the number of StepN’s users, which rose to 97, its highest level since December 30. Although this number is significantly lower than the highest level last month, it still indicates a growing interest in the platform.

Another likely reason for the surge is the partnership between StepN and Adidas, which was expanded a few weeks ago. The two companies agreed to introduce 1,200 limited-edition sneakers available to NFT holders.

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Market Factors Contributing to the Surge

The lack of liquidity in the market due to the Christmas holiday is another factor that may have contributed to the GMT price surge. Low-volume cryptocurrencies are often easier to manipulate during such periods.

Additionally, the high trading volume of GMT on the Upbit exchange, which handled over $311 million of volume on Friday, may have also played a role in the surge. According to CoinMarketCap, Upbit represented a 25% market share, followed by Binance and Bybit.

GMT Price Analysis

The daily chart shows that the GMT price formed a God candle on Friday, soaring to a high of $0.2275. This rally happened after the coin found substantial support along the ascending trendline that connects the lowest swings since August last year.

GMT has risen above the 23.6% Fibonacci Retracement level and the 50-day moving average. It also moved to the top of the trading range of the Murrey Math Lines. However, these gains may be limited due to the lack of major news leading to its rebound.

In the short term, the token may retest the strong pivot reverse level at $0.15. Investors should keep an eye on the GMT price and be prepared for potential fluctuations.

For more news on the cryptocurrency market, visit Global Crypto News.

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