Bottoming or further course correction ahead?

Course (GMT): $1.06 (previous day: $1.02)

• Short-term resistances/goals: $1.15, $1.30, $1.51, $1.70, $1.84, $2.05/$2.22, $2.58, $2.84
• Short-term supports: $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 recently cooled off significantly.
• After the project creators via Twitter their departure from China announced, the GMT price slipped back to its monthly low of USD 0.81.
• Although the bulls were able to stabilize the price of STEPN again here, it was not enough for more than a countermovement to the old tear-off edge at USD 1.30.
• As a result, the GMT rate fell back to the psychologically important US dollar mark on Thursday morning.

• Persistent user concerns about the sustainability of STEPN’s business model seem to be increasingly threatening the crypto fitness project.
• From a technical point of view, a preliminary decision should be made promptly with the GMT course. Although the GMT price is well supported in the area of ​​USD 0.81, should this price mark be dynamically undercut, a direct correction extension towards USD 0.67 is to be planned.
• On the other hand, the chart image will only brighten when the weekly high of USD 1.30 is recaptured.

Bullish Scenario (STEPN)

• After the technical countermove back to USD 1.30 at the beginning of the week, STEPN slipped back to the USD 1.00 mark again during the course of the week before the GMT price was able to stabilize back towards USD 1.06 in the last few trading hours.
• The bulls must now pull the GMT price back above the first resistance at USD 1.15 in order not to lose the chance of a renewed increase towards the weekly high.
• If the 78 Fibonacci retracement is overcome, a first directional decision will be made at USD 1.30 at the latest.
• A subsequent increase to the 61 Fibonacci retracement at USD 1.51 is only likely if the buyer side succeeds in breaking through this resist mark in the long term.
• If the GMT price can also break through this resistance level, the focus will be on the turquoise resist zone between USD 1.70 and USD 1.84 as an increase target. In addition to the supertrend, the EMA50 (orange) also runs at USD 1.70.
• A course bounce must therefore be taken into account.

Trend continuation is taking shape

• Only when the 50 Fibonacci retracement at the top of USD 1.84 at the daily closing price has been overcome could STEPN start the yellow area again and thus march back above USD 2.00 in the direction of USD 2.22. Here again a cluster of resistances awaits. 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 USD 1.84, STEPN could start back up to the cross-resistance of the 23 Fibonacci retracement and horizontal resistance at USD 2.84 in the medium term.
• A short spike up to the red resistance zone at USD 3.12 is also possible. For the time being, however, it seems very unlikely that this price level will be reached in the current market environment.
• When looking at the two indicators RSI and MACD, an ambiguous picture emerges. While both indicators in the 1-hour and 4-hour chart are showing initial buy signals, both indicators in the daily chart continue to have active sell signals.

Bearish Scenario (STEPN)

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

Plan further price reductions

• If STEPN does not turn north sustainably here and continues to trend south in the medium term, the correction will expand in the direction of the blue support area. The marks of USD 0.35 and USD 0.29 move into focus as target marks.
• In particular, the 161 Fibonacci extension at USD 0.29 should be identified by many bears as a relevant target. At this support level, a clear resistance from the bulls can be expected.
• However, should the market as a whole continue to correct itself in the coming weeks, a pullback down to the cross support at USD 0.15 cannot be ruled out in the long term. The 200 Fibonacci extension runs at this price level, which acts as the maximum bearish price target for the coming months.

Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations. They are merely an assessment by the analyst.

The chart images were created using TradingView created.

USD/EUR exchange rate at the time of going to press: EUR 0.94.