GMT posts a 24-hour loss as the rest of the cryptocurrency market continues to fall.

    • STEPN (GMT) has been falling in the last 24 hours.
    • A descending bearish triangle has formed on the daily chart for GMT/USDT.
    • Indicators suggest that the price of GMT may decline further.

STEPN (GMT) is tracking the rest of the cryptocurrency market as its price has fallen over the past 24 hours, according to CoinMarketCap.

The price of GMT at the time of writing is $2.63, which represents a slight price drop of 3.32% over 24 hours. This follows a double-digit loss for GMT over the past 7 days. The last 7 days appear to be a retracement in the price of GMT as it is still up 20.31% in the last month.

Ranked 51st on CoinMarketCap’s list of largest cryptocurrency projects by market cap, GMT’s total market cap is approximately $1,575,074,919. The 24-hour trading volume for GMT stands at $1,191,646,256, which represents a drastic decrease of 43.34%.

GMT hit a 24-hour low of $2.56 and a 24-hour high of $2.73, placing its current price just in the middle of the two.

Formation of a descending triangle on the GMT daily chart (Source:TradingView)

As seen on the daily chart of GMT/USDT, a descending triangle has formed as the $2.46 level is the current support level that is keeping GMT price higher and lower highs have been displayed by the token. This is a bearish chart pattern that could suggest that the price of GMT will fall further if it breaks above the current support level as the Bears take over the crypto market.

Indicators that suggest the GMT price may fall further are the downward sloping RSI14 as it heads towards oversold, and the crossover of the 8 EMA below the 20 EMA. Both indicate that the selling volume could continue.

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