Web3 Coin Project Said To Crash Has Launched! Here’s What Happened

STEPN, a Web3 coin project that took a hit after its withdrawal from China, has made a spectacular comeback. The popular Move-to-Earn project has turned the crypto market on its head with a 75% price increase in the last 7 days.

The Web3 coin project, which is said to die, has made a spectacular comeback!

A few days before the start of summer 2022, STEPN had to make an announcement that reduced the price of the token by 30%. But despite the project’s dire future, GMT has gained 75% of its value in the last seven days. This shows that investors are still ready to support the “walk-to-earn” business model.

On the one-day timeframe, GMT is successfully heading towards the first resistance level on its way to a full rally return. As of now, STEPN has reached the 50-day moving average, which acts as a barrier between declining and rising assets.

STEPN (GMT) technical view

Crypto analyst Arman Shirinyan analyzes the technical outlook of the Web3 coin project as follows: The 200-day moving average is the main resistance level for any asset on its way out of a strong downtrend. In case of a breakthrough, we will see a full trend reversal as other daily resistance levels, including this level, have not yet formed.

Unfortunately, in the past few hours, STEPN has been unable to break the 50-day Exponential Moving Average. It has also reversed about 10% in the last few hours. This suggests that the lack of trading volume over the weekend has prevented GMT from entering full rally mode.

What was the announcement that could kill the Web3 coin project?

AmkNews.com As we mentioned in its news, at the end of May, it made an announcement on STEPN’s official Twitter account. In this announcement, he informed Chinese investors about the upcoming bans of STEPN from the platform due to the regulatory issues it is facing in China.

Fortunately, the Web3 coin project has allowed investors to withdraw all their holdings. It also allowed them to use alternative ways of accessing the app. STEPN continuously monitors the performance of each device connected to an account. In this way, it provides the opportunity to monitor the progress of the person. Unfortunately, this also prevents the app from being used with a VPN.

What is STEPN (GMT)?

STEPN is a distinctive Web3 lifestyle app with GameFi elements on the Solana Blockchain. It combines play-to-earn features with a fitness app to create a new category called ‘move-to-earn’. Users purchase NFT sneakers that they can use to earn in-game cash while walking or running.

STEPN encourages millions of users to follow a healthier lifestyle. In this way, it aims to revolutionize the fitness apps market. The app solves several problems with Proof-of-Move and a functioning GPS system that proves users are actually exercising. Also, STEPN financially incentivizes users. In addition, it plans to introduce social reward elements. It thus successfully contributes to carbon neutrality.

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing amknews.com site 3 months ago.