- The GMT price had a spectacular performance in April.
- Demand for move-to-earn cryptocurrencies is rising.
- The price will likely have a pullback in May.
The Green Metaverse Token had a strong performance in April as demand for move-to-earn cryptocurrencies rose. GMT price rose to an all-time high of $4.5, which was over 30,000% above its all-time low. Its total market cap rose to over $2 billion, making it the 55th biggest cryptocurrency in the world.
Move-to-earn Growth
The fitness industry is a giant one. In the United States, the broader fitness industry generates over $40 billion every year. At the same time, industries like non-fungible tokens (NFT) and gaming are also seeing remarkable growth.
Stepn is a platform that is at the intersection of these large industries. Users first need to download its mobile applications and then purchase their running shoes in the form of NFTs. The platform then uses GPS technology to track their movements. Users are then rewarded for every step that they make.
The move-to-earn industry is seeing spectacular growth. For example, SweatCoin, one of the first companies in the industry, has seen the number of users in its ecosystem surge to an all-time high of over 13 million. To accelerate this growth and boost rewards, the network announced that it will launch SWEAT coin in collaboration with the Near Protocol.
Other competitors to StepN have come up. The most notable of them is Step App, which saw its market cap grow to over $100 million in April. At the same time, the number of active users in Stepn has grown from about 100k in March to over half a million people.
However, there are concerns about the valuation of this Web 3.0 platform. The cryptocurrency is valued at over $2 billion. In contrast, Peloton, a company that has millions of members globally has a market value of less than $6 billion.
GMT Price Prediction
The four-hour chart shows that the GMT price soared to an all-time high of $4.51 in April as demand for move-to-earn coins jumped. Now, the coin seems to have lost its bullish momentum, which has seen its price drop below the 25-day and 50-day moving averages. The MACD also moved slightly below the neutral level.
Therefore, there is a likelihood that the StepN price will have a bearish breakout as bears target the lower side of the channel at around $2.50. A move above the resistance at $4 will mean that there are still more buyers in the market.
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