The GMT price prediction is on its way to flipping bullish after a reclaim of a key support level. The Green Metaverse Token lost its $0.81 support as Bitcoin price tagged the lows of $17,600. GMT price even dipped to the lows of $0.53 at one point. Nevertheless, the price is almost 50% up from that low, and bulls target higher levels after reclaiming $0.81. At the time of writing, the native asset of the STEPN app is trading at $1.03.
After an explosive and hyped launch, the GMT coin soared to $4.11 in April 2022. However, the recent slump in global speculative markets put the move to earn token into a downward spiral. A recent rate hike of another 75 basis points by the US FED further intensified the selling. Consequently, the Green Metaverse Token is now trading 75% below its all-time high. Another reason behind this bearishness is that the STEPN hype is constantly decreasing. The $0.81 level has become critical, as mentioned in our previous GMT price prediction.
Most altcoins are enjoying a relief rally as Bitcoin price is stabilizing above $20,000. Nevertheless, the Bitcoin price is yet to generate a proper bottom signal, and the investors are still taking a more cautious approach.
GMT Price Prediction
Technical analysis of the GMT price chart shows a clear break above $0.81 after a perfect retest of the $0.535 low. The coin has also broken off the downwards trendline that has been acting as resistance since May 2021. Nevertheless, this bullish price action isn’t backed by too much volume, and another retest of the $0.81 level is likely.
If the relief rally in Bitcoin price continues, then $1.29 seems to be a valid GMT price prediction in short term. This level perfectly aligns with the 0.618 Fib retracement level connecting the $1.75 high to the $0.535 low. This would be almost a 25% increase from the current level.
It is also worth mentioning that any daily closure below $0.81 would invalidate our price analysis. In such an event, the $0.535 region would again be on the cards.