STEPN rebounds sharply after falling 80% in a month — is GMT price bottoming out?
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GMT's downside pressure remains as an analyst calls STEPN a "hype-driven speculative frenzy."
A massive downtrend in the STEPN (GMT) prices witnessed in the last 30 days appears to be nearing exhaustion.
GMT's price has rebounded by nearly 35%—from $0.80 on May 27 to $0.99 on May 28. Interestingly, the upside retracement started after the price fell in the same range, which had acted as support before GMT's 500% and 120% price rallies in March and early May, respectively.
Additionally, the rebound further preceded an 80% drop from its record high of $4.50, established on April 27, which left GMT oversold, per its daily relative strength index reading that slipped below the oversold threshold of 30 on May 26.
The technical support, in addition to oversold RSI, suggests GMT is in the process of bottoming out
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