GMT Posts 24H Loss as Rest of Crypto Market Continues to Fall
2022.05.09 16:41
GMT Posts 24H Loss as Rest of Crypto Market Continues to Fall
- STEPN (GMT) drops in the last 24 hours.
- A bearish descending triangle has formed on the daily chart for GMT/USDT.
- Indicators suggest that the price of GMT may fall more.
STEPN (GMT) follows suit with the rest of the cryptocurrency market as its price drops in the last 24 hours, according to CoinMarketCap.
The price of GMT at the time of writing is $2.63, which is a slight 24 hour fall in price of 3.32%. This follows after GMT saw a double-digit loss in the last 7 days. The last 7 days looks as if it was a retracement in GMT’s price as it is still up by 20.31% in the last month.
Ranked 51st on CoinMarketCap’s list of the biggest cryptocurrency projects by market cap, GMT’s total market cap is around $1,575,074,919. The 24-hour trading volume for GMT stands at $1,191,646,256, which is a drastic decrease of 43.34%.
GMT reached a 24-hour low of $2.56 and a 24-hour high of $2.73, placing its current price right in the middle of the two.
Descending triangle forms on GMT daily chart (Source:TradingView)
As seen from the daily chart for GMT/USDT, a descending triangle has formed as the $2.46 level is the current support level holding the price of GMT up and lower highs have been posted by the token. This is a bearish chart pattern that could suggest that the price of GMT will fall more if it breaks past the current support level, as bears take over the crypto market.
Indicators that suggest that the price of GMT may fall more are the RSI14 sloped downwards as it heads to oversold, and the 8 EMA crossing under the 20 EMA. Both indicate that the sell volume may continue.
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