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STEPN (GMT) Reclaims 54-Day Support Area After Deviation

2 mins
Updated by Geraint Price
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In Brief

  • GMT is trading in a range between $0.84 and $1.30
  • It has broken out from a descending resistance line.
  • Wave counts suggests that the price is in the C wave of an A-B-C corrective structure.
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STEPN (GMT) has broken out from a short- and a long-term resistance line and is gradually moving towards its range high.

GMT had been falling underneath a descending resistance line since May 13. The downward movement led to a low of $0.53 on June 13. Initially, this caused a breakdown from the $0.84 horizontal support area. 

However, the price has been increasing since and broke out from the descending resistance line on June 20 and reclaimed the $0.84 area shortly afterwards. This renders the previous breakdown as only a deviation (green circle). All-in-all, the support area has been in place for nearly 54 days.

If the upward movement continues, the closest resistance area would be at $1.34.

Short-term movement

Cryptocurrency trader @Celtralt tweeted a chart of GMT, which shows that the price has bounced at a horizontal support area.

Since the tweet, the price has also broken out from a short-term descending resistance line. It is currently attempting to move above the 0.618 Fib retracement resistance level. It made an unsuccessful attempt at doing so on June 5 and is now gearing up for another attempt.

If successful in doing so, the price would be expected to increase towards the $1.34 resistance area. 

GMT wave count analysis

The most likely wave count suggests that the price is in the C wave of an A-B-C corrective structure (black). Giving waves A:C a 1:1 ratio would lead to a high of $1.34. There is a clear five sub-wave upward movement (red) that completed wave A.

If waves A:C have a 1:1 ratio, this would lead to a high of $1.34, taking the price all the way to the main horizontal resistance area.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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