Closely followed crypto analyst Justin Bennett is eyeing one move-to-earn altcoin for a potential rally to the upside.
Bennett tells his 102,000 Twitter followers that blockchain-based fitness and lifestyle app STEPN (GMT) could possibly see a major breakout from a symmetrical triangle formation.
“GMT is one to watch this month.
Points to a 40% move when this breaks.
What do you think… bullish or bearish?”
The crypto analyst follows up by highlighting a recent pattern of STEPN posting higher lows, asking,
“How about now?”
At time of writing, STEPN is surging by nearly 21% over the last 24 hours and trading for $1.11. Looking at Bennett’s chart, his targets for GMT when it breaks out are $1.28 and $1.65.
In a recent announcement, STEPN said it generated over $120 million worth of profits from April through June through platform fees, 5% of which will be allocated for token buybacks and burning.
The remaining capital will be used to enhance security, hire new team members and produce branded merchandise among others.
Economist Alex Kruger also weighed in on STEPN, telling his 140,600 Twitter followers he’s surprised by the token’s strength despite negative trends within two key data points.
“The STEPN rewards token has nuked 99% while new users are trending down to zero.
Surprising how GMT is holding up.”
STEPN, which launched in early March, experienced massive growth until momentum stalled starting around the end of May.
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