GMT price could also slide back to $2 if a key trendline breaks.
STEPN has rallied strongly against the U.S. dollar this week as it looks likely to form a classical bullish technical pattern called the"bull flag."GMT's price rose 30% week-to-date, including a strong rally to establish an all-time high near $3.85 followed by a relatively modest correction to nearly $3. In particular, the correction phase occurred inside a descending parallel channel, raising possibilities that the price would eventually break out of it to the upside.
That is precisely because traditional analysts consider strong run-ups, followed by range-trapped price corrections, as bullish continuation setups. And the one GMT has been painting — a bull flag, as mentioned above — could lead to an upside boom in the weeks ahead, as shown in the chart below.As a general rule, traders realize a bull flag target by measuring the previous uptrend's height and projecting it from the breakout point.
Independent market analyst Wangarian believes the hype around STEPN looks similar to what Axie Infinity (
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