Ground formation or further course correction ahead?

Course (GMT): 1.06 USD (Previous day: 1.02 USD)

• Short-term resistance/goals: $1.15, $1.30, $1.51, $1.70, $1.84, $2.05/$2.22, $2.58, $2.84
• Short-term support: $0.89, $0.81, $0.67/$0.57, $0.44, $0.35, $0.29, $0.15

STEPN Recap

• The hype surrounding the move-to-earn project STEPN has cooled down significantly recently.
• After the project founders via Twitter your farewell from China in the meantime, the GMT exchange rate slipped back to its monthly low at $ 0.81.
• Although the bulls were able to stabilize STEPN’s price again here, it was not enough for more than one countermovement to the old breaking edge at $ 1.30.
• As a result, the GMT rate fell back to the psychologically important mark of one US dollar on Thursday morning today.

• Persistent user concerns about the sustainability of STEPN’s business model seem to be increasingly becoming a threat to the crypto fitness project.
• From a chart technical point of view, there should be a preliminary decision on the GMT price in a timely manner. Although the GMT price is well supported in the range of $ 0.81, if this price mark is dynamically undercut, it is to be planned with a direct correction expansion in the direction of $ 0.67.
• On the other hand, the chart picture will only lighten up if the weekly high is recaptured at 1.30 USD.

Bullish Scenario (STEPN)

• After the technical counter-movement back to the $ 1.30 at the beginning of the week, STEPN slipped back to the $ 1.00 mark over the course of the week, before the GMT price was able to stabilize back towards $ 1.06 in the last trading hours.
• The bulls now have to lift the GMT price back above the first resistance at $ 1.15 in order not to squander the chance of a new rise towards the weekly high.
• If the 78 Fibonacci retracement is overcome, a first directional decision will be made at $ 1.30 at the latest.
• Only if the buyer manages to break through this resistance mark sustainably, a subsequent increase to the 61 Fibonacci retracement at $ 1.51 is likely.
• If the GMT price can also break through this resistance mark, the turquoise resistance zone between $ 1.70 and $ 1.84 will come into focus as an increase target. In addition to the supertrend, the EMA50 (orange) also runs at the 1.70 USD.
• A price rebound must therefore be taken into account.

Trend continuation takes shape

• Only when the 50 Fibonacci retracement at the top at $ 1.84 per day closing price has been overcome, STEPN could start the yellow area again and thus march back above the $ 2.00 towards $ 2.22. Here again a cluster of resistors is waiting. In particular, the 38 Fibonacci retracement has a price-limiting effect here.
• If the profit-taking is limited and the GMT price can stabilize above the 1.84 USD, STEPN could start back up to the cross-resistance of 23 Fibonacci retracement and horizontal resistance at 2.84 USD in the medium term.
• At a maximum, a short spike to the red resistance zone at $ 3.12 is also possible. For the time being, however, reaching this price level seems very unlikely in the current market environment.
• Looking at the two indicators RSI and MACD, an ambiguous picture emerges. While both indicators have initial buy signals in the 1-hour and 4-hour charts, both indicators continue to have active sell signals in the daily chart.

Bearish Scenario (STEPN)

• As long as the GMT price remains capped below the 1.30 USD, a new sell-off can be expected at any time. The fall back below $ 0.89 would be a first indication of a retest of key support at $ 0.81.
• If this mark is dynamically undercut, the correction expands immediately to the upper edge of the blue support zone. Between 0.67 USD and 0.57 USD, it is to be planned again with the opposition of the bulls.
• If the GMT price remains below the 0.89 USD despite a recovery movement, and subsequently falls back below the 0.57 USD, new bearish price targets activate in the area of the 0.44 USD. In addition to a horizontal support, the 138 Fibonacci extension can also be found here.

Plan further course discounts

• If STEPN turns unsustainably to the north here, and tends further to the south in the medium term, the correction widens in the direction of the blue support area. The brands of $ 0.35 and $ 0.29 are coming into focus as target brands.
• In particular, the 161 Fibonacci extension at $ 0.29 is likely to identify many bears as a relevant target mark. At this support mark, significant resistance from the bulls is to be expected.
• However, should the overall market continue to correct in the coming weeks, even a reset to cross support at $ 0.15 is not excluded in the long term. At this price level runs the 200 Fibonacci extension, which acts as the maximum bearish price target for the coming months.

Disclaimer: The price estimates presented on this page do not constitute buy or sell recommendations. They are just an analyst’s assessment.

The chart images were created with the help of TradingView created.

USD/EUR rate at the time of writing: 0.94 Euro.