- GMT overcomes bearish pressure, and eyes resistance at the $0.35 level.
- Growing bullishness and positive sentiment have overall boosted GMT’s performance.
- Traders must monitor key resistance levels amidst overbought conditions
In the previous 24 hours, STEPN (GMT) bulls have been steadfast, rebuffing bear efforts to lower the price and propelling it from $0.3215 to $0.3371, where resistance remained firm. The bullish trend remained strong as of press time, generating a 2.76% advance to $0.3332.
If positive momentum breaks above the $0.3371 barrier level, the asset might rise, perhaps hitting the next resistance level at $0.35. If the resistance level persists, a consolidation or a retreat toward the support level at $0.32 may occur.
During the upturn, GMT’s market capitalization increased by 2.93% to $245,899,239, but 24-hour trading volume decreased by 27.39% to $35,736,726. This movement implies that traders’ interest in GMT is growing despite a drop in trading volume, indicating a positive feeling toward the asset.
GMT/USD 24-hour price chart (source: CoinMarketCap)
On the GMT 4-hour price chart, the upper and lower Bollinger bands are touching at $0.33981130 and $0.31631432, respectively. This movement indicates that GMT bullishness is growing, as the price is heading towards the upper band and away from the lower band, signaling a probable upswing in soon.
The Relative Strength Index rating of 53.96 indicates that bullish power remains in the market. Its upward movement implies that buyers are still active, and the market is expected to continue its upward trend in the near future.
If this RSI level rises over the “70” level, it may imply that the market has become overbought and that a correction or reversal is approaching.
GMT/USD chart (source: TradingView)
The stochastic RSI shows a value of 68.39, indicating that the market is approaching overbought territory, perhaps resulting in a short-term decline in the GMT market.
If bulls keep pushing the market higher, traders should monitor essential resistance levels and consider taking gains or putting in stop-loss orders to mitigate risk.
The Chaikin Money Flow score of 0.24 indicates that substantial purchasing pressure supports bullishness in GMT. This positive trend indicates that investors are eager to acquire GMT at higher prices, suggesting a possible upward trend in the GMT price.
GMT/USD chart (source: TradingView)
In conclusion, GMT’s bullish trend remains strong as traders show growing interest in the asset despite a drop in trading volume. Traders should monitor essential resistance levels as the market approaches overbought territory.
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Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
 bullish trend continues as resistance at $0.3371 holds. Will it break through to hit $0.35? Read to find out.){kind=link}