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On the time of writing, many of the top 20 coins have been within the purple and it regarded like one other day would go by with bulls shivering of their pens, praying that the bears would go away. Bitcoin was nonetheless under $40k and Ether was underneath $3k. In truth, even alts haven’t been capable of escape the most recent spell as Santiment knowledge reported these cash have been down by round 20% within the final month.
Nevertheless, there are all the time just a few faces that appear to rise in occasions of adversity.
STEPN [GMT] was considered one of them.
📊 Most #altcoins are nonetheless down -10% over the previous week, and -20% over the previous month. However the prime 100 largest #crypto belongings by market cap had a uncommon April inexperienced day. $GMT (+14%), $CVX (+12%), and $LDO (+10%) are notable risers. 📈https://t.co/S94F1DJZpj pic.twitter.com/bCEG1fuX3W
— Santiment (@santimentfeed) April 28, 2022
What doesn’t kill you, makes you greener?
At press time, STEPN was the forty fifth greatest crypto by market cap. The train and Web3-based GMT token was trading at $3.95 after rocketing by 17.64% up to now day and rallying by 22.03% within the final week, touching new all-time-highs within the course of. GMT additionally noticed the very best weekly rally among the many prime 50 cryptos.
So, do the volumes try? Based on Santiment knowledge, the most recent rally was adopted by a spike in volumes. Nevertheless, with GMT touching new heights, there are corrections to consider.
Supply: Santiment
On that observe, TradingView’s Bollinger Bands indicator reveals us that the bands are widening, which signifies upcoming volatility. Including to that, the final two inexperienced candles for GMT have crossed the highest band, signaling that merchants would possibly take GMT to be an overbought asset.
Supply: TradingView
What’s extra, the Relative Volatility Index [RVI] recorded a price above 50, which indicators that any upcoming volatility is prone to be within the upward path. That is excellent news for bulls who wish to see GMT costs scale larger.
So is now the time to purchase in? Properly, that’s a query buyers should reply for themselves, however the Superior Oscillator [AO] was flashing inexperienced bars at press time, which hints that merchants are enthusiastic about filling up their procuring baggage.
That being mentioned, a warning is pertinent. There’s appreciable hype surrounding the challenge now, and STEPN too has claimed to be unlocking unbelievable person adoption milestones.
A brand new milestone has been achieved. pic.twitter.com/FbMpK6RKwo
— STEPN | Public Beta Part III (@Stepnofficial) April 26, 2022
Nevertheless, it’s as much as particular person merchants to do their analysis and determine if the challenge’s fundamentals and transparency ranges meet their requirements.
Lastly, observe that STEPN is having fun with the consequences of a hype bubble whilst the broader market was purple. For that cause, it’s essential for merchants to be additional cautious in case of sudden shock modifications – or market corrections.
