GMT is down by more than 3% despite crucial announcements

    The cryptocurrency market has been underperforming over the past 48 hours. 

    The cryptocurrency market has continued its poor efficiency this week. The complete market cap is down by practically 2% within the final 24 hours, with the main cash at present buying and selling within the crimson zone. The complete market cap at present stands at round $870 billion.

    Bitcoin, the world’s main cryptocurrency, continues to commerce under the $20k mark after shedding more than 2% of its worth within the final 24 hours. Meanwhile, Ether has maintained its worth above $1,000 despite shedding 2% of its worth at the moment.

    GMT, the native token of the STEPN walk-to-earn ecosystem, has misplaced more than 3% of its worth within the final 24 hours. This newest growth comes despite STEPN saying two main updates in the previous few hours.

    On Tuesday, STEPN revealed that it generated $122.5 million in profits by means of its platform charges within the second quarter. As a end result, STEPN will use 5% of the income to provoke a Q2 GMT buyback and burn program. 

    STEPN additionally launched a brand new function referred to as Health Points (HP) earlier at the moment. The group added that the HP attribute could be displayed within the Sneaker’s background within the type of a capsule.

    Key ranges to look at

    The GMT/USD 4-hour chart is bearish as STEPN has been underperforming over the past 24 hours.

    The MACD line is under the impartial zone, indicating bearish momentum. The 14-day relative power index of 37 exhibits that GMT might quickly enter the oversold area if the bears stay in management.

    At press time, GMT is buying and selling at $0.83 per coin. GMT might slip under the $0.731 assist degree earlier than the top of the day. In the occasion of an prolonged bearish efficiency, GMT might lose its second main assist degree at round $0.66. 

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