STEPN (GMT) Price Rebounds After Recent Plummet Due to Ban in China News

STEPN (GMT) Price Rebounds After Recent Plummet Due to Ban in China News
  • A weaker follow-up move could lead to a breakdown toward $0.54.
  • The oversold RSI indicates that GMT is in the midst of a bottom.

The steep decline in STEPN (GMT) price during the previous 30 days looks to be coming to a stop. GMT’s price has risen from $0.80 on May 27 to $0.99 on May 28 – a 35% increase. As it turns out, the price dropped into the same area as GMT’s 500 percent and 120 percent price surges in March and early May, which served as support before the uptick began.

Possibility of Bottom Out Scenario

On May 26, GMT’s daily relative strength index (RSI) reading dipped below the oversold level of 30 for the first time since April 27, when it hit a record high of $4.50, triggering an 80 percent slide from that peak. The technical support and the oversold RSI indicate that GMT is in the midst of a bottom.

GMT/USDT: Source: TradingView

If the price moves up from its current level of $0.82 support to $1.50 over the next several days, it will represent a 40% gain over today’s price. In addition, a substantial uptick in the STEPN token might indicate that the price has bottomed out, sending the token to the $2-2.50 level.

Although GMT’s price might potentially retest $0.82, a weaker follow-up move could lead to a breakdown toward $0.54. Between March 17 and March 21 of this year, the token’s efforts to fall were halted at this level.

STEPN, before the surge, had fallen on the announcement that the popular “move-to-earn” crypto program would be prohibited for users in Mainland China. Green Satoshi Token (GST) and STEPN token (GMT) fell by double digits after Thursday’s announcement. If Bitcoin continues to fall below $30,000, as many experts expect, it might also lead to a lower value for GMT.

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