StepN's Green Metaverse token formed a divine candle on Friday, making it one of the best-performing cryptocurrencies.
StepN (GMT) price rose 50%, hitting an intraday high of $0.2275, its highest level since December 9.
This bounce occurred when bitcoin and other altcoins like Virtuals Protocol, Fartcoin, Hyperliquid and Raydium soared by double digits.
There was no immediate news that would raise the price of the currency. A likely reason for the increase is that the number of StepN users rose to 97its highest level since December 30. These users are still significantly lower than last month's high.
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StepN's rally came a few weeks after the developers expanded their partnership with Adidas, the popular sportswear company. The two companies agreed to introduce 1,200 limited-edition sneakers available to nft holders.
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Another likely reason why the GMT price has skyrocketed is the lack of liquidity in the market due to the Christmas holidays. During these periods, it is usually easy to manipulate low-volume cryptocurrencies.
StepN is also likely to have skyrocketed due to South Korean traders. According CoinMarketCapMost of the GMT volume was on Upbit, which handled over $311 million of volume on Friday, representing a 25% market share. Binance and Bybit followed, managing $219 million and $27 million, respectively.
StepN was one of the most popular players in the crypto industry as it introduced the concept of moving to earn. Users purchased sneaker nfts and were rewarded for performing simple tasks like walking and running. Like other “money-making” projects, its success was short-lived as its usage plummeted.
GMT Price Analysis
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The daily chart shows that the GMT price formed a God candle on Friday, reaching a high of $0.2275. This rally came after the coin found substantial support along the ascending trend line connecting the lowest swings since August last year. It is common for assets to go parabolic after reaching a crucial support level.
GMT has broken above the 23.6% Fibonacci retracement level and the 50-day moving average. It also moved to the top of Murrey Math Lines' trading range. Therefore, these gains may be limited because there was no major news to support its rally. If this happens, the token will likely retest the strong inverse pivot level at $0.15.
