The Green Metaverse Token (GMT) emerged as one of the hottest performers in the crypto market over the last few days. The coin started the week surging and outperformed the entire market by a huge margin. But we are now starting to see some pullback. Here are the highlights:
GMT reached $0.43 Monday, a gain of nearly 62%.
However, there seems to be an immediate pullback.
GMT was down nearly 25% at press time, trading at $0.28.
Data Source: Tradingview
Will GMT Stabilize in the days ahead?
A 60% surge is not uncommon in crypto. But it is always expected that after such a bullish run, some correction will come. For GMT, it seems that correction has come almost immediately. After hitting highs of $0.43, the token has now lost almost a quarter of those gains in less than 24 hours.
At press time, the coin was actually trading at $0.28, down around 25% in 24-hour intraday trading. Crucially, GMT has lost a crucial support zone of $0.303. For this reason, we expect the correction to continue in the days ahead until the token bottoms at $0.22. This will represent over 20% in losses from the current price.
The only way this downtrend could reverse is if GMT can find another rally that puts it above $0.4. At this moment, this does not seem likely. Bears have the momentum, and the downward pressure still has some way to go.
Is The Green Metaverse Token a good investment?
GMT is the native utility token for the STEPN network. STEPN bills itself as a lifestyle app that offers a wide range of social and gaming features.
It is part of the Web3 revolution and remains at a valuation of around $167 million. There is a lot of unlocked potentials here, especially from investors who don’t mind being patient.