Disclaimer: These findings are solely the author’s opinions and should not be regarded as investment advice.
- After GMT lost $0.4 to bears, the lower timeframe structure became bearish
- Participants in futures markets also expressed bearish sentiment
Bitcoin was rejected near the $17.3k level of short-term resistance. It dropped below the $17k mark and altcoins were also under selling pressure. In recent months, STEPN token GMT has seen a strong bearish trend. It was likely that losses would continue for the next few days.
Read STEPN’s [GMT] Price Prediction 2023-2024
Expect a rise in the rate of 0.5 percentage points at the FOMC meetings on 13/12/12. The announcement of a higher rate may be influenced by pending economic data. This could lead to a bearish shift in crypto markets.
The next target was $0.38 if range highs were not turned.
![STEPN [GMT] faces sharp rejection from $0.4 and could be headed to mid-range once more](https://ambcrypto.com/wp-content/uploads/2022/12/PP-1-GMT-price.png)
Source: GMT/USDT TradingView
The GMT range, highlighted in yellow, extended from $0.345 – $0.417. While the mid-range mark stood at $0.38, it was highlighted in yellow. Since 10 November, the token has traded within this range. The $0.4 level was a significant level in longer time frames. This level was recently retested as resistance during trading.
GMT couldn’t climb above the range highs again last week. Thus, traders had a shorting opportunity. Bitcoin’s short-term weakness can send GMT lower to $0.38 as well.
At this level, can a bounce be expected? Relative Strength Index, (RSI), and On-Balance Volume indicated that sellers were the dominant. Around the same moment that $0.4 was tested as resistance, neutral 50 was retested by the RSI. The flat OBV also showed no buying pressure. It was therefore likely that GMT would fall below $0.38 in the next few days and move towards $0.36 and $0.345 over the coming days.
Buyers who were not interested in funding rates or open interest were disqualified
![STEPN [GMT] faces sharp rejection from $0.4 and could be headed to mid-range once more](https://ambcrypto.com/wp-content/uploads/2022/12/PP-1-GMT-coinglass.png)
Source: Coinglass
A large amount of OI was lost after 7 November. Since then, the OI has been lost. The combination of the range and the flat OI suggests that trading within a range was likely to continue for the next weeks.
The OI and the price rallied on 7 and 8, and bulls still believed that a breakout would occur. The breakout did not happen and both the OI and the prices fell over the past two days. This signalled discouraged bulls and could lead to another wave of selling.