STEPN (GMT) is on the move today, with GMT on the bounce from Friday’s all-time low of $0.8114.
News of STEPN plans to bar mainland China users’ access to IP and GPS-related services sank GMT on Thursday.
Key technical indicators bearish. GMT sits well below the 50-day EMA.
On Saturday, STEPN (GMT) slipped by 0.29%. Following a 16.50% breakout from Friday, GMT ended the day at $1.038.
Support from the broader market drove demand for GMT early in the weekend. The Saturday breakout was modest, however, when considering Thursday’s 35% tumble.
Thursday’s sell-off came in response to news of STEPN plans to ban Mainland China users from accessing the move-to-earn protocol.
STEPN Bans Mainland China Users from Accessing IP and GPS Services
On Thursday, GMT took a hit on news of STEPN banning Mainland China users from accessing IP and GPS services.
STEPN cited Beijing regulations for the ban.
According to the media, STEPN made an announcement on Twitter, saying,
The announcement went on to say,
“Users in China need to make their own decisions regarding the handling of assets within the application.”
For GMT holders, news of the ban on Mainland China users followed the market reaction to the TerraUSD and Terra LUNA meltdown.
GMT tumbled to a low of $0.8287 ahead of Thursday’s sell-off.
GMT Price Action
At the time of writing, GMT was up 7.23% to $1.1130.
A choppy start to the day saw GMT tumble to an early morning low of $0.8770 before striking a high of $1.2210.
GMT broke through the First Major Resistance Level at $1.0794 and the Second Major Resistance Level at $1.1202 to test the Third Major Resistance Level at $1.2001.
STEPN Technical Indicators
GMT will need to hold above the First Major Resistance Level and the $1.0360 pivot to target the Third Major Resistance Level at $1.2001. GMT would need broader crypto market support to break out from the Second Major Resistance Level at $1.1205.
In the event of an extended rally, the Third Major Resistance Level at $1.2001 and this morning’s high of $1.2210 should limit the upside.
Failure to hold above the First Major Resistance Level and the pivot at $1.0360 would bring the First Major Support Level at $0.9950 into play.
Barring another extended sell-off, GMT should avoid sub-$0.99. The Second Major Support Level sits at $0.9515.
The EMAs and the 4-hourly candlestick chart (below) send a bearish signal. At the time of writing, GMT sits below the 50-day EMA, currently at $1.2101. This morning, the 50-day EMA pulled back from the 100-day EMA. The 100-day EMA also fell back from the 200-day EMA, GMT negative.
A move through the 50-day EMA would support a return to $1.22.
This article was originally posted on FX Empire