The global crypto market seems to be recovering on Tuesday after weeks of decline. The total cryptocurrency market capitalisation is up about 4% in the last 24 hours to $899 billion. Many top-ranking coins led by Convex Finance (CVX), STEPN (GMT), and Polygon (MATIC) have gained up to 20% over the same period.
Top-ranked Gainers
Some of the low-ranking cryptos have recorded price gains of up to 1000% on the same time frame, according to data from CoinMarketCap, Coingecko and crypto exchanges such as Binance and FTX. The price of GokuMarket Credit (GMC) has even jumped over 975% in 24 hours.
The crypto market has been beleaguered by the increasing impact of the crash triggered by Terra’s UST/LUNA fiasco and worsened by increasing consumer price and the move by the U.S. Federal Reserve to increase interest rates by a 75 point basis, the highest in four decades.
Despite the grim crypto market, STEPN appears to be lifting itself from the murky waters. The crypto is up 11% on the day and had spiked at as high as 20% setting an intraday high around $0.98 on Binance.
It is also one of the top trending crypto on Coinmarketcap – i.e. the most viewed.
Trending Cryptos
Source: CoinamarketCap
Much of the interest in STEPN stems from the latest developments with the move-to-earn (M2E) ecosystem. The project has been working on an NFT project called APE sneakers. In a tweet posted on Twitter on July 5, the firm gave an update on the APE sneaker drop saying that it was on the second round of “giving away 6 APE Sneakers [over the next] three days.”
Round 2!
We are giving away 6 APE Sneakers in three days! 3 on Twitter and 3 on Instagram (Stepncom):
1⃣ Follow us
2⃣ Retweet
3⃣ Tag 3 friends & comment below pic.twitter.com/3SNUBCwGTi
— STEPN | Public Beta Phase IV (@Stepnofficial) July 4, 2022
In an earlier announcement, the move-to-earn blockchain company revealed that both STEPN Genesis Sneaker holders and BAYC holders were eligible for OG APE Shoebox drops on Realm 3 built on the Ethereum blockchain. The post also revealed that BAYC holders can mint an OG APE Shoebox for FREE on STEPN’s upcoming new website for a limited time, warning users to be wary of scammers.
1/8
As promised, we are set to unveil more details about our Realm 3. This thread is about #STEPN Realm 3 and the new APE Sneaker drop rules: pic.twitter.com/LYE0u1kfq6
— STEPN | Public Beta Phase IV (@Stepnofficial) July 1, 2022
This could be one of the best nft giveaways currently given that the floor price of STEPN nfts has been increasing steadily. According to data from Magic Eden NFT marketplace, the floor price of STEPN sneakers is now 2.4 SOL, just over $82. In April, there were worth way
Within the last 24 hours with a slight increase in Bitcoin price, Ethereum, Solana and most altcoins, some NFT sneakers sold for even higher than that – the average sale price today was 2.72 SOL.
The intraday low for Solana is around $33 on crypto exchanges (an 86% retracement from its November 2021 all time high of $259). Some investors will have been able to buy STEPN sneakers for the equivalent of around $89.
STEPN (GMT) has enjoyed mass adoption and diverse appeal in record time across the world with some people using it as a gateway into crypto space. The web3 move-to-earn platform brings together key emerging digital trends including the metaverse. And it is said to stand out for how simple the platform has been developed, thus ensuring inclusivity.
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
STEPN’s GMT had escaped out of consolidation after coiling up inside a symmetrical triangle for approximately three weeks as shown on the daily chart (below). This meant that the price had taken a directional bias towards the upside and was ready to start an uptrend.
This is validated by the upward movement of the RSI close even as it crosses the midline. The price strength at 51 suggested that the bulls had started taking control of the price.
Therefore, if STEPN bulls were able to sustain the recovery, it would rise above the triangle’s descending trendline to tag the 50-day Simple Moving Average (SMA) at $0.972. Such a move would provide the headwinds required to push GMT toward the optimistic target of the prevailing chart pattern at $1.53, representing a 67% upswing from the current price.
After that, the next logical move would be the May 17 high at $1.677. Such a move would bring the total gains to 91%.
GMT/USD Daily Chart
TradingView Chart
Also supporting the recovery in GMT price is the Moving Average Convergence Divergence (MACD) indicator which has been moving upwards since crossing above the signal line on June 16. This was a suggestion that this could be a good to invest in and buy STEPN as the market still favoured the upside.
Should GMT price turn down from the current levels, it would drop below the triangle’s support line at $0.81 to reach the bearish target of the prevailing chart pattern around $0.267. If buyers establish support here, the price would form a local bottom before starting an uptrend.
Next NFT to Blow Up – Lucky Block
- Crypto & NFT Games Platform – luckyblock.com
- Daily NFT Jackpot Draws – Free Entry
- Donations to Charity
- Platinum Rollers Club Benefits
- Play to Earn Utility – Passive Income
- Trending NFT in 2022
- 10,000 NFTs Minted – nftlaunchpad.com
Next NFT to Blow Up – Lucky Block
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This article was written for Business 2 Community by Nancy Lubale.
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Nancy is a successful finance, crypto analyst | Researcher and blockchain writer with many years of writing experience finance and blockchain fields. Nancy has been producing quality content for websites in the cryptocurrency industry including Vauld Insights, Coingape, Forexcrunch, InsideBitcoins and Economywatch. Her interests are in crypto asset research and… View full profile ›
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