2 years ago
The autochthonal tokens of a move-to-earn manner app STEPN swung higher connected news that they would beryllium disposable to commercialized connected Coinbase, a U.S.-based crypto exchange.
The terms of STEPN's governance token Green Metaverse Token (GMT) rallied by astir 20% to scope implicit $4 successful the past 24 hours, hitting arsenic precocious arsenic $4.50, its champion level to date.
GMT/USD four-hour terms chart. Source: TradingViewSimilarly, the different STEPN token called Green Satoshi Token (GST), which players gain aft walking, jogging, and moving outdoors with STEPN's "NFT Sneakers," gained 6.5% to astir $6.25 connected a 24-hour adjusted timeframe with a caller grounds precocious of $7.20.
STEPN ecosystem grows
The intraday rallies successful GMT and GST markets are portion of a broader uptrend that started successful aboriginal March 2022. The increasing hype astir the alleged move-to-earn manufacture is boosting the worth of these tokens, which are rewarded to progressive players.
Move-To-Earn Token FITFI connected Avalanche has achieved a 50x summation implicit the terms of DAOMaker IDO ($0.0049) aft it was launched connected OKX and Bybit today. The nationalist offering volition merchandise 10% aft the launch. The mechanics is akin to Stepn. https://t.co/KVRVb1kDvL
— Wu Blockchain (@WuBlockchain) April 26, 2022In particular, STEPN's economical model, which involves selling NFT shoes and utilizing the proceeds to bargain backmost and pain GMT tokens, apt attracted speculators that spot a little supply-higher request operation arsenic bullish. GMT comes with a proviso headdress of 6 billion.
Stepn $GMT astir 2x since past tweet. Up 40x since archetypal mention. I’m up a batch and Stepn app makes maine wealth too. What a large concern https://t.co/CgheKBoMib
— MURO - won't DM, beware of scam (@MuroCrypto) April 28, 2022Meanwhile, GST, which comes with an unlimited proviso cap, finds bullish cues from its underlying use-cases.
Notably, STEPN players usage the token to mint, repair, and level up their NFT sneakers — oregon adjacent merchantability them connected the app’s marketplace. As a result, if the fig of STEPN users increases, it could pb to players limiting GST's downside prospects by utilizing it arsenic an in-game currency.
Players have already been sharing the screenshots of their STEPN profiles, featuring their carnal activities and the GST rewards they earned for doing them. Meanwhile, starring NFT marketplace OpenSea has added STEPN's sneakers collection, providing much avenues for STEPN NFT owners to resell their integer shoes.
How bash I get a $STEPN activation code?
— KSICRYPTO (@ksicrypto) April 27, 2022The hype for move-to-earn tokens appears similar play-to-earn projects specified arsenic Axie Infinity (AXS), which skyrocketed past year.
GMT ascending triangle
GMT's terms eyes a instrumentality to $4.50 up of this week's close, based connected the "ascending triangle" setup connected its shorter-timeframe charts, arsenic shown below.
GMT/USD hourly terms illustration featuring 'ascending triangle' setup. Source: TradingViewAscending triangles look erstwhile the terms consolidates betwixt a horizontal precocious trendline and a rising little trendline. They resoluteness aft the terms breaks retired successful the absorption of its erstwhile trend, and emergence by arsenic overmuch arsenic the maximum region betwixt the triangle's precocious and little trendline.
Related: STEPN to caller highs? GMT terms coating archetypal ‘bull flag’ toward $5 target
Interestingly, the triangle's upside people adjacent $4.50 besides coincides with the 1.618 Fib enactment of the Fibonacci retracement graph drawn from $3.82-swing precocious to $2.75-swing low.
GST descending triangle
Unlike GMT, GST is showing signs of breakdown arsenic it forms a descending triangle signifier aft topping retired astatine $7.20.
GST's terms has been trending little betwixt a falling precocious trendline and a horizontal little trendline, which is considered bearish reversal aft a beardown uptrend. That said, the STEPN token present risks breaking beneath the triangle's little trendline, arsenic illustrated below.
GST/USD hourly terms illustration featuring 'descending triangle' setup. Source: TradingViewIf this occurs, GST's terms volition hazard falling by arsenic overmuch arsenic the triangle's maximum tallness erstwhile measured from the breakdown point, resulting successful the bearish people of $6.
The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.
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