CryptoPolyTech.com
Crypto, Politics, Tech, Gaming & World News.

Here’s why Stepn could crash to $0.50

| cutline • press clipping |
Classification: IPTC: 04019000IAB-QAG: IAB13-3, IAB13
Please enjoy this #crypto content, Here’s why Stepn could crash to $0.50 Originally reported on coinjournal.net by Crispus Nyaga

Stepn’s GMT token has had a spectacular fall from grace in just a few months. After soaring by more than 30,000% recently, the GMT price is now hovering near its all-time low. It has crashed by over 80%, bringing its total market cap to about $547 million, making it the 92nd biggest cryptocurrency in the world.

Stepn’s momentum is fading

Stepn has had a roller-coaster this year as investors have embraced its new category which is known as move-to-earn. 

When it was unveiled, the Solana-built token’s price soared to a record high as demand rose. At the time, investors believed that the platform could acquire as millions of users just as SweatCoin has done. 

Stepn has had great success as the platform has added thousands of users from around the world. These people use its platform in a bid to both keep fit and make money. They make money in the form of the GMT token, which they can then sell in any exchange.

The GMT price is now crashing as bears react to news that the developers have exited the Chinese market. The developers said that they will stop offering GPS services to users whose location is in China. As such, Chinese people will not be able to earn as they move and even buy NFTs.

The main reason for this action is the rising Chinese regulations on everything to do with cryptocurrencies. Last year, a new law by China barred all cryptocurrencies in the country. Therefore, Chinese users will find it difficult to withdraw their earnings since exchanges are barred from the country.

The country also has strict data storage restrictions for all projects in the country. This explains why many western technology companies like Alphabet and Facebook have minimal presence in China. 

GMT price prediction

The four-hour chart shows that the Stepn price has been in a strong bearish trend in the past few weeks. As this happened, the coin formed a bearish pennant pattern, which is usually a sign to sell. 

The coin has now moved below the 25-day and 50-day moving averages and is staring at its all-time low. Therefore, the path of the least resistance for Stepn’s price is lower, with the next key support level being at $0.50. 


‘News of the Day’ content, as reported by public domain newswires.

Find more, like the above, right here on Cryptopolytech.com by following our extensive quiclick links appearing on images or within categories [NEWSer CHEWSer].

Source Information (if available)

It appears the above article may have originally appeared on coinjournal.net and has been shared elsewhere on the internet, repeatedly. News articles have become eerily similar to manufacturer descriptions.

We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.

We compile ‘news of the day’ content in an unbiased manner and contextually classify it to promote the growth of knowledge by sharing it just like Here’s why Stepn could crash to $0.50

First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!

You might also like