StepN’s Green Metaverse Token formed a God candle on Friday, making it one of the best-performing cryptocurrencies.
StepN (GMT) price surged by 50%, reaching an intraday high of $0.2275, its highest level since December 9.
This rebound happened as Bitcoin and other altcoins like Virtuals Protocol, Fartcoin, Hyperliquid, and Raydium soared by double-digits.
There was no immediate news that pushed the coin’s price higher. A likely reason for the surge is that the number of StepN’s users rose to 97, its highest level since Dec. 30. These users remain significantly lower than the highest level last month.
StepN’s rally happened a few weeks after the developers expanded a partnership with Adidas, the popular sports apparel company. The two companies agreed to introduce 1,200 limited-edition sneakers available to NFT holders.
Another likely reason why the GMT price has soared is the lack of liquidity in the market because of the Christmas holiday. In such periods, it is usually easy to manipulate low-volume cryptocurrencies.
StepN also likely soared because of South Korean traders. According to CoinMarketCap, most of the GMT’s volume was in Upbit, which handled over $311 million of volume on Friday, representing a 25% market share. Binance and Bybit followed it, handling $219 million and $27 million, respectively.
StepN was one of the most popular players in the crypto industry as it introduced the concept of moving to earn. Users bought sneaker NFTs and were rewarded for doing simple tasks like walking and running. Like other “to earn” projects, its success was short-lived as its usage plunged.
GMT price analysis
The daily chart shows that the GMT price formed a God candle on Friday, soaring to a high of $0.2275. This rally happened after the coin found substantial support along the ascending trendline that connects the lowest swings since August last year. It is common for assets to go parabolic after hitting a crucial support level.
GMT has risen above the 23.6% Fibonacci Retracement level and the 50-day moving average. It also moved to the top of the trading range of the Murrey Math Lines. Therefore, these gains may be limited because there was no major news that led to its rebound. If this happens, the token will likely retest the strong pivot reverse level at $0.15.
