• STEPN (GMT) recently experienced a 140% increase in value due to the recovery of the NFT and DeFi industries.
• The rally is attributed to the recovery of the crypto market and the high volatility of the assets.
• Technical indicators suggest that the token could potentially double its value in the coming weeks due to a breakout from a falling wedge, a bullish reversal pattern.
The cryptocurrency market recently crossed the $1 trillion mark in market capitalization for the first time since September 2022. This has caused a surge in prices for many tokens, and today we will take a look at some of the biggest gainers. One of the biggest gainers is STEPN (GMT), which has seen a massive increase of 140% in value since the beginning of the market recovery. The rally is attributed to the recovery of the NFT and DeFi industries, as well as the overall recovery of the cryptocurrency market, and the high volatility of the assets.
The rally is unexpected because many NFT-related projects have lost value and have not been receiving fresh funding. However, STEPN has seen significant gains, increasing over 140% in value in the last few weeks. Technical indicators suggest that the token could potentially double its value in the coming weeks due to a breakout from a falling wedge, a bullish reversal pattern. This could be the result of the play-to-earn gaming industry catching the bullish drift, but there has not been any strong fundamental news to push the rally.
It is uncertain how long the recovery rally will last and if the token will be able to break through the resistance level at $0.6-0.7. Investors should be cautious when investing in any cryptocurrency, as the market is highly volatile and prices can change drastically in a short amount of time. Those looking to invest in STEPN should closely monitor the token’s movements in order to get the most value for their investment.