Cryptocurrency investors rejoiced today as the general market changed course and edged ever closer to closing above the $1 trillion threshold it last crossed a month ago. As usual, altcoins took the lead in the rise, but Bitcoin and Ethereum, the first and second largest cryptocurrencies, did not lag behind, rising by 20 percent and 40 percent, in the last seven days.
Popular cryptocurrency analyst Justin Bennett is keeping an eye on one move-to-earn altcoin for a potential uptrend. Bennett alerts of a possibility of a significant breakout from a symmetrical triangle formation for the blockchain-based fitness and leisure app STEPN (GMT).
“GMT is one to watch this month. Points to a 40% move when this breaks. What do you think… bullish or bearish?”
Bullish or Bearish?
The native token of STEPN, GMT, rose over 25 percent in the previous week and was leading the surge together with MATIC and other alternative coins. As a result, the coin was forced to convert the crucial support level of $1 from resistance into support, trading at $1.06 at the time of writing.
Even so, the alternative currency is still a long way from making up for the losses it suffered in June when GMT fell by 52.59 percent in just 13 days. Nevertheless, since then, the cryptocurrency has increased by more than 84.7 percent from its lows.
In a recent release, STEPN stated that platform fees contributed to approximately $120 million in revenues from April through June, of which 5% will be set aside for token buybacks and burning. The remaining funds will, among other things, be used to make branded goods, beef up security, and expand the staff. STEPN enjoyed rapid growth after early March, however, this growth eventually stopped at the end of May.