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YEREVAN (CoinChapter.com) – Green Metaverse Token (GMT), introduced by Solana-based Web3 lifestyle app STEPN, traded at $3.7 in the New York session on Apr. 19, after adding nearly 60% to its value in the previous 48 hours. Moreover, the token climbed12 rank points month-to-date and knocked on the top-50 door with a market cap of $2.2 billion.
In detail, the price action consolidated around the previous local high of $3.1 and started a new leg up, retesting the said level as support. However, ‘overbought’ risks might rain on GMT’s parade.
The token’s relative strength index (RSI; the purple graph on the chart below) rose to 82. Whenever the momentum indicator climbed above 70, traders might consider the asset ‘overbought’ and pull their punches, withdrawing from the market to book profits.
Also read: Green Metaverse Token (GMT) soars 300% as STEPN app hints at upcoming partnerships.
However, the RSI alone is not enough to draw conclusions, especially when the other trend-based indicator, MACD (histogram at the bottom), looked primed for a bullish continuation.
STEPN partnership boosts GMT
As CoinChapter previously covered, STEPN hinted at “upcoming partnerships” with various sports companies on Apr. 1. The GMT token responded to the news, pumping three-digit gains. Notably, the latest surge came after the app announced an NFT collaboration with leading apparel company Asics.
Subscribers to the STEPN x ASICS NFT sneaker sale on the Binance NFT marketplace will be selected to purchase the first STEPN sneakers for use on the BNB Chain version of the game.
Also read: Bitcoin leaving exchanges hit its lowest number since August 2018 as BTC eyes $50K-retest.
STEPN now joins forces with ASICS to launch this NFT collection. This NFT collection will have ASICS style Common/Uncommon Walker, Jogger, Runner, and Trainer to be used in STEPN (BNBChain). In the STEPN app, NFT Sneakers can be leveled up by burning tokens. Users can add attributes points and NFT Gems to the sneaker in order to boost its performance.
read the announcement.
Each “mystery shoebox” will cost 0.5 BNB, or approximately $208. The cheapest examples of the new ASICS sneakers now sell on the secondary market for a minimum of $1,889.
Also read: SafeMoon fraud: SFM plummets following new allegations against protocol’s leadership.
Additionally, according to the STEPN newsletter, the app reached several milestones in the current month.
Easter brought big bounties for the STEPN fam. First, we announced the upcoming 7 -day event and the revised GEMs /Mysterybox system. We then announced the milestone of reaching 300K Daily Active Users. Finally, just to polish off the Easter holiday, markets added a cherry on the top as GMT rose to the top of the tally with the highest traded volume in the last 24 hours
said the newsletter.
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