StepN’s GMT price surges: Will these gains hold?

StepN’s Green Metaverse Token formed a God candle on Friday, making it one of the best-performing cryptocurrencies.

StepN (GMT) price jumped 50% to $0.2275, its highest level since December 9.

This recovery came as Bitcoin and other altcoins such as Virtuals Protocol, Fartcoin, Hyperliquid and Raydium rose by double digits.

There was no news that would increase the price of the coin. The likely reason for the increase is that StepN’s user count rose to 97, its highest level since December 30. These users remain significantly below last month’s peak.

StepN cumulative users | Source: Dune

StepN’s rally comes just weeks after the developers expanded their partnership with popular sportswear company Adidas. The two companies decided to offer 1,200 limited edition sneakers to NFT holders.

Another possible reason why GMT prices are rising is the lack of liquidity in the market due to the Christmas holidays. During such periods, it is often easy to manipulate low volumes of cryptocurrencies.

StepN also rose, probably thanks to South Korean traders. The bulk of GMT’s volume was on Upbit, which processed over $311 million in transactions on Friday, representing 25% market share, according to CoinMarketCap. Binance and Bybit followed with $219 million and $27 million, respectively.

StepN was one of the most popular players in the crypto industry because it introduced the concept of moving to win. Users purchased sneaker NFTs and were rewarded when they completed simple tasks like walking and running. Like other “lucrative” projects, its success was short-lived as its use waned.

GMT price analysis GMT chart | Source: crypto.news

The daily chart shows that GMT price formed a God candle on Friday and moved as high as $0.2275. This rally occurred after the cryptocurrency found significant support along the ascending trend line that connects its lowest swings since August last year. It is common for assets to go parabolic after reaching a significant support level.

GMT broke above the 23.6% Fibonacci Retracement level and the 50-day moving average. At the same time, it rose to the top of the Murrey Math Lines’ trading range. Therefore, these gains may be limited as there is no important news that will ensure recovery. In such a case, the token will likely retest the strong pivot reversal level at $0.15.