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.
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