Is STEPN (GMT) a good buy in June 2022?

By: Stanko Iliev
Stanko Iliev
Stanko is a Financial Analyst for Invezz covering stocks, cryptocurrencies, and worldwide indices. He has significant experience trading forex,… read more.
on May 27, 2022
  • STEPN is a Web3 lifestyle app
  • The risk of further decline still persists
  • The important resistance level stands at $2

STEPN GMT/USD has weakened from $3.61  to $0.80 since May 01, 2022, and the current price stands at $0.95.

Technically looking, GMT remains in a bear market, and the risk of further decline still persists.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

STEPN is a Web3 lifestyle app

STEPN is a Web3 lifestyle app that aims to nudge millions toward a healthier lifestyle, combat climate change, and connect the public to Web 3.0.

STEPN is powered by the Solana blockchain, and the leading investors that have invested in this project are DeFi Alliance, Solana Capital, MorningStar Ventures, and Sequoia Capital.

STEPN has Social-Fi and Game-Fi elements, and it is the first project to effectively bring to life a functioning move&earn concept.

Every user of this Web3 lifestyle app can get NFTs in the form of sneakers, and by running or walking, users will earn game currency, which can either be used in-game, or cashed out for profit.

Users should have in mind that they only earn game currency when they move outdoors with GPS and have NFT sneakers. It is important to say that all assets in the STEPN app are owned by individual users; still, STEPN does not require users to own NFT assets to move2earn.

Every potential user can rent NFT assets for free from other users to get started, with the earnings split when they agree. STEPN charges small taxes from in-app activities, such as Shoe-minting, Shoe-rental, and NFT trading.

The majority of earnings in app go to users, while part of STEPN’s profit goes to buy Carbon Removal Credit on the blockchain to combat climate changes.

There are two tokens in the STEPN ecosystem, the Green Satoshi token (GST), which is the game’s utility token, and the Green Metaverse Token (GMT), which is the governance token. The team of STEPN added:

This dual-token economy model fulfills STEPN’s needs for utility and fundraising. The primary goal of generating tokens is to avoid regulatory complications and divide the project’s ecosystem into two tokens for easier use.

The Green Satoshi token (GST) has an unlimited supply, while the Green Metaverse Token (GMT) supply is limited to 6 billion tokens.

GMT remains in a bear market

Technically looking, GMT remains in a bear market, and if you decide to buy this cryptocurrency in June 2022, you should use a “stop-loss” order because the risk remains high.

Data source: tradingview.com

The current support level stands at $0.80, and if the price falls below it, the next price target could be around $0.70 or even below.

The important resistance level stands at $2, and if the price jumps above this level, it would be a “buy” signal, and we have the open way to the $2.50.

Summary

STEPN is a Web3 lifestyle app that allows users to earn money by walking, jogging, or running outdoors with an NFT sneaker. Technically looking, GMT remains in a bear market, and the risk of further decline still persists.

Where to buy right now

To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use:

  1. Etoro, trusted by over 13m users worldwide. Register here >
  2. Capital.com, simple, easy to use and regulated. Register here >

*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.