VSCryptocurrency investors rejoiced today as the general market changed course and moved closer and closer to closing above the $1 trillion threshold it last crossed there. a month ago. As usual, altcoins took the lead on the rise, but Bitcoin and Ethereum, the first and second largest cryptocurrencies, did not lag behind, rising 20% and 40%, over the past few months. last seven days.
Popular Cryptocurrency Analyst Justin Bennett keep an eye out for a move to gain altcoin for a potential uptrend. Bennett warns of the possibility of a significant breakout from a symmetrical triangle formation for the blockchain-based fitness and leisure app STEPN (GMT).
“GMT is one to watch this month. Indicates 40% movement when this breaks. What do you think… bullish or bearish? »
Bullish or bearish?
STEPN’s native token, GMT, was up over 25% in the previous week and was leading the surge along with MATIC and other alternative coins. As a result, the coin was forced to convert the crucial $1 support level of resistance into support, trading at $1.06 at the time of writing.
Even so, the alt-currency is still far from making up for the losses it suffered in June when GMT fell 52.59% in just 13 days. Nonetheless, since then, the cryptocurrency is up over 84.7% from its lows.
In a recent statement, STEPN said that platform fees contributed approximately $120 million in revenue from April to June, 5% of which will be reserved for token redemption and burning. The remaining funds will be used, among other things, to manufacture branded products, strengthen security and expand staff. STEPN experienced rapid growth after early March, but that growth finally came to a halt in late May.