- GMT price has been in a strong bearish trend in the past few weeks.
- StepN faces a key risk from Sweatcoin’s SWEAT economy.
The GMT price has been in a strong bearish trend in the past few weeks as activity in Stepn showed signs of slowing down. It also dropped amid the rising popularity of Sweatcoin. The coin dropped to a low of $0.6655, which was about 85% below its all-time high. According to CoinMarketCap, GMT has a market cap of over $398 million.
StepN faces threat from Sweatcoin
StepN and Sweatcoin are the biggest move-to-earn projects in the world. The two platforms are attempting to disrupt the fitness industry by paying people to exercise.
Their technology is made possible by the fact that billions of people have access to a smartphone. These smartphones have GPS technology, which means that they can track steps accurately.
StepN works in a simple way. First, users need to download the fitness app and then buy a shoe in the form of an NFT. After that, they will receive awards for doing simple exercises like running and walking. StepN has also incorporated NFT features in its ecosystem.
Analysts believe that StepN and GMT face a major risk because of the soaring competition with Sweatcoin. They believe that Sweatcoin is much simple for people to understand than StepN. For one, all you need to do is to create an account and then start earning. There is no need to connect the app with a wallet at first.
All this explains why Sweatcoin has become extremely popular in the past few months. For example, its app is used by more than 110 million users globally. It has become the number 1 fitness apps in most countries.
Sweatcoin launched its cryptocurrency on Tuesday this week. According to CoinMarketCap, SWEAT price has jumped by more than 30% in the past 24 hours. Therefore, there is a likelihood that GMT price will struggle as investors buy SWEAT.
GMT price prediction
The four-hour chart shows that the GMT price has been in a downward trend in the past few days. It has managed to drop from August’s high of $1.1263 to a low of $0.6240. Along the way, it has moved below the 25-day and 50-day moving averages while the Awesome Oscillator has moved below the neutral point.
Therefore, I suspect that StepN’s price will continue falling as buyers shift to the newly launched SWEAT Economy token. If this happens, the next key support to watch will be at $0.50.
