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STEPN’s 10.7% surge may excite investors, but the excitement may be temporary

STEPN’s 10.7% surge may excite investors, but the excitement may be temporary

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STEP [GMT], a Web3 lifestyle app with social and gaming elements, recently registered a huge decline in its user base. In February, STEPN’s user base grew significantly, growing more than 100-fold in the following months.

However, according to a recent Messari report, things have changed quite a bit, with STEPN’s daily active users dropping by 80%. Not only DAUs, but also new users have dropped from 20% to 5% of STEPN’s total user base.

Despite this change, GMT didn’t seem to hold back as it posted a 24-hour gain of over 14.5%. This is higher than many cryptos with larger market capitalizations. At press time, GMT was trading at $0.7681 with a market cap of $460,851,414

A quick metric look

A look at GMT gauges gave positive hopes, with most supporting the upside and pointing to further gains. For example, GMT’s 30-day market value realized value (MVRV) gained momentum after falling for some time, which is a bullish signal.

Interestingly, the rally was also supported by high volume, providing further support for the massive rally.

Source: Santiment

As the price of the GMT rose, so did its social dominance as the community showed more interest in the brand. However, while GMT’s 365-day MVRV Ratio also rose, it was much lower than the 30-day MVRV Ratio, which may hamper GMT’s upside in the coming days.

Source: Santiment

Ahead

GMT’s four-hour chart told a different story, with several market indicators pointing to a possible price breakout in the coming days. The Relative Strength Index (RSI) and Chaik’s Money Flow (CMF) have risen significantly over the past two days. This minimizes the chances of price increases.

Additionally, Bollinger Bands (BB) indicated that the GMT price was in a high volatility zone, indicating that the price may soon move into a bearish territory.

Source: TradingView

Nevertheless, the Exponential Moving Average (EMA) band and the Moving Average Convergence Divergence (MACD) showed otherwise. Both indicators showed bullishness, which increases the possibility of a price increase.



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