STEPN Bears Dominate: Investors Concerned About Support Breach

ByGavin Cole

Mar 16, 2023

During the last 24 hours, bears have dominated the STEPN market, sending it from an intraday high of $0.3907 to a low of $0.3567. This decline suggests that investors feel the current price of STEPN is overpriced and are selling their shares, resulting in a fall in demand and, eventually, a price drop.

Due to the ongoing bearish trend, the price has dropped by 3.44% to $0.3756; as a result, investors are concerned that the bears may breach the $0.3567 support. 

If support is broken, the next levels of support may be around $0.3354 and $0.3121, which may lead to more selling pressure in the market. Price recovery toward $0.3856 and $0.4002 is possible if the market stays above the present support level of $0.3578.

The market capitalization and the 24-hour trading volume fell by 3.53%, to $2,238,585,441 and $119,525,794, respectively. This drop implies that investors are losing faith in the currency and are selling off their holdings, which might lead to additional price drops soon.

GMT/USD Technical Analysis: Bollinger Bands, Aroon

The linear movement of the Bollinger bands, which have an upper bar of 0.4257 and a lower bar of 0.3318, indicates that market volatility is growing and that a major price fluctuation in either direction may occur soon, making it a dangerous moment for investors to make judgments. 

With a 0.0939 spread between the upper and lower bars, traders may consider risk management methods to safeguard their assets.

This action indicates that traders can expect the currency to trade within this range for the foreseeable future, with the option of buying at the lower band and selling at the higher bar.

The Aroon up and down values on the 4-hour price chart are 21.43% and 85.71%, respectively. This pattern indicates that the negative trend is quite powerful and is likely to persist in the short term, with minimal likelihood of reversal to the upside. Before entering long positions, traders may consider shorting or waiting for a better entry moment.

GMT/USD Technical Analysis: BBP, CMF, KST

The Bull Bear Power score of -0.0151 indicates that the market’s purchasing power is now low, indicating a possible downward trend and supporting the choice to wait for a better entry opportunity.

The positive Chaikin Money Flow (CMF) value of 0.19 in the STEPN market indicates that, despite the market’s bearishness, there is still a flow of money, indicating a potential purchasing opportunity for long-term investors. If the CMF goes below “0,” it may suggest a negative trend, and investors may consider dumping their positions or waiting for a better entry time.

In the 4-hour price chart, the Know Sure Thing (KST) has a value of 189.1381, and its signal line has a reading of 222.2562. Its move below its signal line indicates that the current negative trend in GMT may persist in the short term. Traders may consider selling opportunities or using risk management measures to safeguard their positions.

Investors beware: STEPN market is bearish, with potential for further downside, but long-term buyers may find purchasing opportunities.

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