The price of STEPN’s governance token, Green Metaverse Token (GMT), rose nearly 20% to reach over $4 in the last 24 hours, reaching $4.50, its best level to date.
Similarly, STEPN’s other token, called the Green Satoshi Token (GST), which players earn after walking, jogging, and running outdoors in “STEPN NFT sneakers,” gained 6.5% to roughly $6. .25 in an adjusted 24-hour timeframe with a new record. high of $7.20.
The STEPN ecosystem grows
The intraday rallies in the GMT and GST markets are part of a broader bullish trend that began in early March 2022. The growing hype around the so-called move-to-win industry is increasing the value of these tokens, which are rewarded to active players.
Move-To-Earn Token FITFI in Avalanche has achieved a 50x price increase over DAOMaker IDO ($0.0049) after its launch on OKX and Bybit today. The public offering will release 10% after launch. The mechanism is similar to Stepn. https://t.co/KVRVb1kDvL— Wu Blockchain (@WuBlockchain) April 26, 2022
In particular, STEPN’s economic model, which involves selling shoes of non-fungible tokens (NFTs) and using the proceeds to buy back and burn GMT tokens, likely attracted speculators who see a lower supply, higher demand structure as bullish. GMT comes with a supply limit of 6 billion.
He passed $ GMT almost 2x since the last tweet. Up to 40 times from the first mention. I am awake a lot and Stepn app makes me money too. What a great investment https://t.co/CgheKBoMib— MURO: do not send direct messages, beware of the scam (@MuroCrypto) April 28, 2022
Meanwhile, GST, which comes with an unlimited supply cap, finds bullish signs in its underlying use cases.
Notably, STEPN players use the token to mint, repair, and level up their NFT sneakers, or even sell them on the in-app marketplace. As a result, if the number of STEPN users increases, it could lead players to limit the negative prospects of GST by using it as an in-game currency.
players have already been sharing screenshots of their STEPN profiles, which feature their fitness activities and the GST rewards they earned for doing them. Meanwhile, leading NFT marketplace OpenSea has added the STEPN Sneaker Collection, providing more avenues for STEPN NFT owners to resell their digital shoes.
How do I get a $STEP activation code?— KSICRYPTO (@ksicrypto) April 27, 2022
The move-to-win token hype looks like similar play-to-win projects like Axie Infinity (AXS), which skyrocketed last year.
ascending triangle GMT
GMT price is forecasting a return to $4.50 before the close this week based on the “ascending triangle” setup on its shorter time frame charts as shown below.
Ascending triangles appear when the price consolidates between a horizontal upper trend line and an ascending lower trend line. They resolve after the price breaks in the direction of its previous trend and rise by as much as the maximum distance between the upper and lower trend line of the triangle.
Related: STEPN to new highs? GMT Price Paints First ‘Bull Flag’ Towards $5 Target
Interestingly, the upside target of the triangle near $4.50 also coincides with the 1.618 Fibonacci line of the Fibonacci retracement chart drawn from the $3.82 high to $2.75 low.
Descending Triangle GST
Unlike GMT, GST is showing signs of a breakout as it forms a descending triangle pattern after reaching a high of $7.20.
GST price has been trending down between a descending upper trendline and a horizontal lower trendline, which is considered a bearish reversal after a strong uptrend. That said, the STEPN token is now at risk of breaking below the lower trendline of the triangle, as illustrated below.
If this occurs, the price of GST will be at risk of falling as much as the maximum height of the triangle when measured from the breakout point, resulting in the downside target of $6.
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