The probability of receiving rewards/payments for everyday physical activities such as running is among the lucrative tidings the blockchain tech introduced. Though April proved a worth month in 2022, STEPN decoupled from the market as the move-to-ear projected registered a 35% gain on the month.
The altcoin seems ready for a lucrative May following the commencement of its 4th phase of the public beta. Nevertheless, what do metrics and price charts display as far as GMT’s future price performance is concerned?
Still Upside?
Launched on March 9, GMT witnessed an impressive start as it experienced a sharp 34,000% hike by April 19. Near $3.32 at this publication, the altcoin noted a 19% drop from its all-time high of $4.11, attained a week ago. Moreover, the past 24 hours saw the token losing almost 1%. The market cap also lost 2% in the same timeframe.
Though the declines, price actions highlight a bullish motion in place. First and foremost, the token formed a descending triangle on its daily chart. Remember, bullish runs accompany descending triangle’s breakout point. That was the case with GMT, as a green candlestick appeared around the breakout zone.
Also, the tokens MFI and RSI, at 63 and 57, respectively, seemed on upside moves towards the overbought region. Though the alt has recorded trading volume declines within the past couple of days, yesterday revealed a reversal as STEPN recorded 1.28 billion in volume. That can reflect increased interaction between investors and the altcoin.
Nevertheless,
Metrics had a different narrative as actions on the price chart indicated potential upswings. GMT’s Social Dominance saw an unstable upsurge in recent days. Touching the 12% high on April 26, this index witnessed a downside spiral towards $0.526% at this publication, losing more than 50%.
Also, STEPN’s Social Volume maintained declines since the 1270 peak on April 26. While writing this content, the metric stood around 119, reflecting a staggering 90% plunge.
Meanwhile, the NFTs trade volume noted a spike on May 1 when the project kick-started the 4th phase of GMT’s public beta. Nevertheless, it resorted to rapid plummets. Hovering near $48.6 million at this publication, it lost more than 80% within three days. That can reflect fading interest by participants in buying the ‘running’ shoes.
Cautionary Thesis
Most individuals trust that P2E projects remain unsustainable as participants lose motivation to keep playing after withdrawing their winnings. What are your thoughts?
