GMT price forecast for June 2022. Will Stepn rebound?

The price of the GMT has been plummeting for weeks, with demand for the coin drying up. The value of Stepn’s native token has decreased by more than 76% from its highest level in May.

Bringing its overall market capitalization to about $621 million. It was valued at more than $1 billion at one point.

The GMT price is down significantly from its all-time high of $1.38, reached in mid-May. Since then, the value of the coin has dropped steadily, hitting a low of $0.32 on June 1.

At the time of writing, the GMT price is $0.33, down 3% in the last 24 hours. The GMT price decline has been attributed to several factors, including the dumping of coins by whales. As well as the general decline in the value of cryptocurrencies.

However, some experts believe that the GMT price will rebound in the coming months.

Why has GMT collapsed?

A modest number of years ago, the concept of a move-to-earn business was comparatively new. It’s an exciting time to be involved in this niche because it is redefining the gaming, NFT, and exercise industries globally.

Its idea was pioneered by SweatCoin, a platform with over thirty million clients across the globe.

Move-to-earn is a way to monetize physical activity by turning it into digital currency. The GMT team saw the potential in this industry and decided to create their own platform called Stepn.

However, due to the lack of marketing and adoption, the GMT price has been on a decline since its launch.

The basic idea behind Stepn is easy to grasp. First, the creators developed mobile applications that anyone may download for their smartphones. The app uses the phone’s GPS tool to verify that a person has walked or run.

Second, the inventors have devised a unique approach to encourage consumers to buy sneakers using NFTs. As a result, individuals can obtain virtual money that they can turn into real currency in only a few minutes.

The GMT team is now working on a new update that will be released shortly. This update will include a new method of earning GMT called ‘Pulse.’

People will be able to earn GMT through online surveys using the new system known as Pulse. The more surveys someone does, the more GMT they’ll get.

The Stepn ecosystem has seen significant development in recent months. From all around the world, it has nearly 560k members.

The platform makes money by charging a commission whenever individuals create NFT tokens within its ecosystem. It also gets a cut when NFT transactions are completed on the platform.

There are two cryptocurrencies available on Stepn: Green Metaverse Token (GMT) and Green Satoshi Token (GST).

GMT is a governance coin, while GST is a utility token. There will be no more than 6 billion tokens in total, with a maximum supply of 6 billion tokens for GST.

After the developers disabled the GPS from China, the price of GMT plummeted. They pointed to tight legislation as the reason for the problem. Since then, the coin has struggled to recoup lost ground.

GMT price forecast

Data Source: Tradingview

The GMT price has been in a powerful bearish trend for the previous several weeks, as seen in the four-hour chart. It has formed a descending channel, which is represented in black.

The MACD indicator is also beneath the neutral line, indicating that it is consolidating near the 25-day and 50-day moving averages.

A breakdown below $0.69 will enable bears to target the next key support level at $0.73. Which is the lower boundary of the descending channel.

A rally above the upper edge of the channel at $1.3725, on the other hand, would signal that investors have triumphed.