STEPN Price Prediction - GMT Has More Upside But May Run Into Resistance at $0.49

cryptonews.com:

Unlike for the rest of the cryptocurrency market, February hasn’t been a good month for GMT, the main crypto token that powers STEPN’s popular move-to-earn (M2E) platform. GMT was last changing hands in the $0.38 area, down about 30% this month, despite major cryptocurrencies Bitcoin and Ether both trading with monthly gains of 1-3% and total crypto market capitalization up around 2.5%.

In fairness, GMT’s 30% decline this month looks less bad when taken in the context of the near-150% rally the cryptocurrency enjoyed in January. That said, bulls shouldn’t get too excited about 2023’s rally – even at its earlier yearly highs above $0.70 per token, GMT was still down over 80% from its 2022 record levels around $4.30.

Since late January, GMT has been forming a bearish flag structure. Some analysts think this could result in a bullish breakout that could open the door to a retest of annual highs – bearish flag patterns often form during a bull market consolidation phase.

But if GMT is to break above the bearish flat structure, it has a number of key resistance levels to overcome, including the 100 and 21-Day Moving Averages, the latter of which has been acting as a strong level of resistance in recent weeks. After breaking out of the flag pattern, GMT would then face resistance in the form of the 50 and 200-Day Moving Averages, which straddle the important support-turned-resistance $0.49 area.

GMT bulls will be hoping that the broader crypto market rally, which has slowed this month, can pick up once again in March and bring some buy pressure back to the leading move-to-earn cryptocurrency. But macro headwinds in the form of fresh stronger-than-expected US data in the coming days and weeks could continue to cap upside, if