GMT makes a strong comeback after plunging by 80% in a month. It was down 0.29 percent on Saturday. It closed the day at $1.038, up 16.50 percent from Friday’s close. The revelation that STEPN had banned mainland Chinese customers from using IP and GPS services had a negative impact on GMT prices.
The market reaction to the TerraUSD(UST) and Terra LUNA crisis was followed by news of the prohibition on Mainland China users for GMT holders. Minutes after the announcement, GMT dropped 37%. It fell to its lowest level in two months as a result of the drop, wiping out much of the token’s remarkable gains from April. Following a rise in April, GMT’s popularity skyrocketed, briefly placing it among the top-50 cryptocurrencies.
However, considering China’s vast potential user base, the program’s removal from the country could prove to be a major roadblock. GST, STEPN‘s other token, was also affected. The fall also resulted in massive liquidations in GMT futures trading, with a total of $23 million liquidated in less than 24 hours, setting a new record. Let us review the GMT price
GMT Price Prediction
GMT has a high barrier to entry because it requires consumers to purchase its pricey Sneaker NFTs. Even yet, consumers purchase these digital issues for hundreds or thousands of dollars. It could be to recoupe their investment through the earning and selling of GST tokens.
To be bullish again in the medium term, GMT must break over the resistance level at $1.32. To reach the big resistance level at $1.72, GMT will need to stay above the $1.32 resistance level and the $0.83 key support level. If the resistance level at $1.32 is not held, the crucial support level at $0.83 will be tested.
And for our best, freshest research on NFT buys, Layer 1 chains, DeFi, or games, come check out Altcoin Buzz Access. Plans start at only $99 per month
For more information on cryptocurrency, visit the Altcoin Buzz YouTube channel.
Images courtesy of TradingView.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.
Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
