GMT price dropped 25% from yesterday’s peak as Meme Kombat raised over $6 million in crypto presale. Image by Kerem Goktug Kaya, DALL-E 3.
Following a surge of 30% yesterday, the move-to-earn platform STEPN’s native token GMT price trajectory took a drastic turn, plummeting by 25% from its peak and currently trading 14% lower over the last 24 hours.
Analyzing the Recent Fluctuations in GMT Price
At the time of writing, GMT is trading at $0.3772 USDT, with a market capitalization of $591.2 million USDT. Despite the big price drop, the 24-hour trading volume of $815.8 million USDT indicates sustained interest in the token.
A closer look at the short-term moving averages (MAs) reveals an interesting pattern. The 20-day EMA stands at $0.3156, the 50-day EMA at $0.2866, and the 100-day EMA at $0.2573. Traditionally, MAs in this alignment suggest a potential for continued bullishness, which could hint at a rebound for the GMT price.
Source: TradingView / GMTUSDT
Technical Indicators and GMT Price Trends
On the other hand, the MACD (Moving Average Convergence Divergence) presents a mixed signal. Today’s MACD is 0.0197, a slight increase from yesterday’s 0.0163. This marginal rise suggests a weak bullish momentum, which might not be good enough to drive a substantial price recovery.
The RSI (Relative Strength Index) stands at 66.69 today, almost unchanged from yesterday’s 66.57. This positioning in the ‘slightly overbought’ territory might concern traders, as it can be a precursor to a potential price retracement or consolidation.
Resistance and Support Levels
Focusing on the Fibonacci retracement levels, GMT’s price movements are pivotal. Currently, the token is struggling with golden resistance levels at $0.3771 and $0.3832. In the past week, GMT has failed to breach these levels three times, indicating strong selling pressure. Should the price not close above at least one of these levels, we might see it dropping to the nearest support at $0.3548. On the flip side, a successful close above these levels could target the next resistance levels at $0.3940, $0.4089, and $0.4495.
Adding to the complexity are the broader support and resistance levels determined by Fibonacci retracement. The key levels to watch are $0.3548 (0.5 level), $0.3324 (0.382 level), and $0.3047 (0.236 level), which could act as crucial support levels for GMT’s price action.
Given the current market dynamics, the GMT price seems to be at a crossroads. The recent drop raises concerns, yet the underlying technical indicators do not unanimously signal a further downtrend. Traders might consider a strategy that accommodates this uncertainty, possibly placing orders near key support and retest levels to mitigate risk while eyeing potential growth opportunities.
After Stepn’s native token GMT dropped 14% in a single day, investors seem to be shifting focus to the next big thing in the meme coin space—Meme Kombat (MK). This new meme token seeks to bring viral internet humor to life through a battle arena experience on the blockchain.
Seeking Crypto Presale Success: Can Meme Kombat Become a Top Meme Coin?
Meme Kombat’s arena will allow users to wager the platform’s native MK token on fights between AI-controlled meme coin mascots. Winners will receive prize pools of additional MK, which can then be staked to generate yields up to 155% annually according to the whitepaper. For example, staking 100 MK could return 155 MK after a year. Yields will likely decrease as the staking pool grows, however.
The Meme Kombat Discord Community is officially live
Join in on the fun right now: https://t.co/BGTtwatlMS pic.twitter.com/A6S6ngV1Ye
— Meme Kombat (@Meme_Kombat) January 8, 2024
With clever marketing and an engaged community, Meme Kombat’s presale has already raised over $6.3 million so far. The presale is currently in its final stage, meaning there’s limited time left to get involved before the upcoming Uniswap listing. 50% of the total MK supply is available for purchase during the presale, with tokens priced at $0.279. Investors can buy using ETH, USDT, or BNB.
Those who invested earliest in the presale are now up 52% in unrealized gains, with MK originally priced at $0.183. Meme Kombat plans to list on Uniswap DEX after concluding the presale, increasing token accessibility and liquidity. Listings often spur major volatility, something early MK holders will look to benefit from amid the current meme coin hype.
Founder Matt Whiteman is leading the team behind Meme Kombat. The project roadmap outlines plans for future growth, such as introducing new battle types and gameplay in Season 2. This seasonal model hopes to continually attract fresh users over time.
New meme coin contenders like Meme Kombat can manage to explode in popularity despite established players like Dogecoin or Shiba Inu. For example, PEPE and BONK hit billion-dollar market caps in 2023 seemingly out of nowhere thanks to online hype.
With $6.3 million raised so far, Meme Kombat has substantial funding that could provide a launchpad to become one of the best meme coins.
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