STEPN is the market leader by far in one of 2022’s hottest crypto sectors, Move-To-Earn. The native tokens of the STEPN lifestyle fitness app swung higher following news that they would be available to trade on the Coinbase exchange.
The price of STEPN’s governance token Green Metaverse Token (GMT) surged nearly 20% to reach over $4 in the past 24 hours, hitting $4.50, its best price to date.
Also, STEPN’s utility token, Green Satoshi Token (GST), which players earn after walking, jogging or running outdoors with STEPN’s “NFT Sneakers,” gained 6.5% to about $6.25 on a 24-hour adjusted time period reaching a new record high price of $7.20.
STEPN lifestyle fitness model is catching on
The intraday rallies in GMT and GST markets are part of a broader uptrend that started in early March 2022. The growing hype around the so-called move-to-earn industry is boosting the value of these tokens, which are rewarded to active players.
Move-To-Earn Token FITFI on Avalanche has achieved a 50x increase over the price of DAOMaker IDO ($0.0049) after it was launched on OKX and Bybit today. The public offering will release 10% after the launch. The mechanism is similar to Stepn. https://t.co/KVRVb1kDvL
— Wu Blockchain (@WuBlockchain) April 26, 2022
In particular, STEPN’s economic model, which involves selling non-fungible token (NFT) sneakers and using the proceeds to buy back and burn GMT tokens, likely attracted speculators that see a lower supply-higher demand structure as bullish. The GMT supply cap is 6 billion.
Stepn $GMT nearly 2x since last tweet. Up 40x since first mention. I’m up a lot and Stepn app makes me money too. What a great investment https://t.co/CgheKBoMib
— MURO – won’t DM, beware of scam (@MuroCrypto) April 28, 2022
Meanwhile, GST, which comes with an unlimited supply cap, may have a bullish path ahead based on its underlying use-cases.
STEPN players use the token to mint, repair and level up their NFT sneakers — or even sell them on the app’s marketplace. As a result, if the number of STEPN users increases, it could lead to players limiting GST’s downside prospects by using it as an in-game currency.
Players have already been sharing screenshots of their STEPN profiles, which feature their physical activities and the GST rewards they earned for doing them. In other positive news, leading NFT marketplace OpenSea has added STEPN’s sneakers collection, providing more avenues for STEPN NFT owners to resell their digital shoes.
How do I get a $STEPN activation code?
— KSICRYPTO (@ksicrypto) April 27, 2022
The hype for move-to-earn tokens appears similar play-to-earn projects such as Axie Infinity (AXS), which skyrocketed last year.
Green Metaverse Token ascending triangle chart
GMT’s price eyes a return to $4.50 ahead of this week’s close, based on the “ascending triangle” setup on its shorter-time frame charts shown below.
Ascending triangles appear when the price consolidates between a horizontal upper trend line and a rising lower trend line. They resolve after the price breaks out in the direction of its previous trend, and rise by as much as the maximum distance between the triangle’s upper and lower trendline.
Related: STEPN to new highs? GMT price painting first ‘bull flag’ toward $5 target
Coincidentally, the triangle’s upside target near $4.50 also coincides with the 1.618 Fib line of the Fibonacci retracement graph drawn from the $3.82-swing high to $2.75-swing low.
Green Satoshi Token descending triangle chart
Unlike GMT, GST is showing signs of breaking down, as it forms a descending triangle pattern after topping out at $7.20.
GST’s price has been trending lower between a falling upper trend line and a horizontal lower trend line, which is considered a bearish reversal after a strong uptrend. With that being said, GST now risks breaking below the triangle’s lower trend line, as illustrated below.
If this breakdown occurs, GST’s price will risk falling by as much as the triangle’s maximum height when measured from the breakdown point, resulting in the bearish target price of $6.
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