STEPN Price Prediction - GMT Has More Upside But May Run Into Resistance at $0.49
Unlike for the rest of the cryptocurrency market, February hasn’t been a good month for GMT, the main crypto token that powers STEPN’s popular move-to-earn (M2E) platform. GMT was last changing hands in the $0.38 area, down about 30% this month, despite major cryptocurrencies Bitcoin and Ether both trading with monthly gains of 1-3% and total crypto market capitalization up around 2.5%.
In fairness, GMT’s 30% decline this month looks less bad when taken in the context of the near-150% rally the cryptocurrency enjoyed in January. That said, bulls shouldn’t get too excited about 2023’s rally – even at its earlier yearly highs above $0.70 per token, GMT was still down over 80% from its 2022 record levels around $4.30.
Price Prediction – Where Next for STEPN (GMT)?
Since late January, GMT has been forming a bearish flag structure. Some analysts think this could result in a bullish breakout that could open the door to a retest of annual highs – bearish flag patterns often form during a bull market consolidation phase.
But if GMT is to break above the bearish flat structure, it has a number of key resistance levels to overcome, including the 100 and 21-Day Moving Averages, the latter of which has been acting as a strong level of resistance in recent weeks. After breaking out of the flag pattern, GMT would then face resistance in the form of the 50 and 200-Day Moving Averages, which straddle the important support-turned-resistance $0.49 area.
GMT bulls will be hoping that the broader crypto market rally, which has slowed this month, can pick up once again in March and bring some buy pressure back to the leading move-to-earn cryptocurrency. But macro headwinds in the form of fresh stronger-than-expected US data in the coming days and weeks could continue to cap upside, if markets continue to price in a more aggressive Fed tightening schedule for 2023.
STEPN (GMT) Alternative to Consider
According to ICODrops.com, STEPN’s GMT token is up 38x since its ICO in March 2022 at $0.01. The fact that STEPN has enjoyed big gains should come as no surprise given the project has built one of the most popular existing move-to-earn platforms currently out there.
But STEPN has big limitations. A hefty initial investment in trainer NFTs is required before users are able to start earning for moving. Meanwhile, users aren’t rewarded for all forms of activity, only measurable movement (i.e. steps and speed).
Many exercise enthusiasts aren’t runners, joggers, walkers or hikers. Many are gymgoers and martial artists. At present, STEPN has little to offer these cohorts.
But a new web3 fitness start-up called Fight Out is here to change that. Fight Out users will be able to earn crypto from exercise right away from a range of different exercise types, without any expensive NFT buy-ins.
Fight Out is currently conducting a presale of the FGHT token that will power its Web3 ecosystem and has already raised a whopping more than $4.8 million. The token is scheduled to list across centralized exchanges in April at $0.033 per token. That is very cheap in comparison to the GMT token.
While GMT might be able to post 5-10x gains in the next few years, FGHT’s potential upside is arguably much larger.