StepN (GMT) Token Rallied 50% to Form a God Candle, Making It One of the Best-Performing Cryptocurrencies

StepN (GMT) price surged by 50%, reaching an intraday high of $0.2275, its highest level since December 9.

StepN's (GMT) price enjoyed a remarkable day on Friday, surging by 50% to reach an intraday high of $0.2275. This impressive rally occurred as several altcoins, including Bitcoin, experienced double-digit gains.

Among the cryptocurrencies that soared on Friday were Virtuals Protocol (VIRT), Fartcoin (FART), Hyperliquid (HLQ), and Raydium (RAYM), all of which surged by more than 10%. These gains came despite the absence of any clear bullish news.

However, one possible factor contributing to StepN's surge is the rise in its users, which reached 97 on Friday, marking its highest level since December 30. Despite this increase, StepN's users are still significantly lower than the peak reached earlier last month.

Moreover, StepN's partnership expansion with Adidas also gained attention recently. The collaboration saw the introduction of 1,200 limited-edition sneakers available for NFT holders through the MOOAR platform.

"Not your size? No problem!

The #STEPNGO x @adidas trading period is open until 6th January, 8 AM UTC. Find your perfect match on MOOAR and make sure your Ultraboost 5s fit like a dream. ✨

👟 Start trading: https://t.co/DJ340Gyyv5

More details 👇 https://t.co/pEXHZbsEd7"

Another possible reason for GMT's impressive gains is the lack of liquidity in the market due to the Christmas holiday. During such periods, it is typically easier to manipulate low-volume cryptocurrencies.

Interestingly, a majority of GMT's volume was in Upbit, which handled over $311 million on Friday, about 25% of the market share, according to CoinMarketCap. Binance and Bybit also had significant volumes, at $219 million and $27 million, respectively.

It is worth noting that StepN played a pivotal role in introducing the concept of "move to earn" in the crypto industry. Users purchased sneaker NFTs and received rewards for completing simple tasks such as walking or running.

However, like other "to earn" projects, StepN's popularity waned quickly, and its usage saw a steep decline. At the time of writing, GMT is down about 98% from its all-time high, which it hit in April 2023.

GMT price analysis

On the daily chart, we can see that the GMT price formed what is known as a God candle on Friday, rallying to a high of $0.2275. This impressive rally occurred after the coin found substantial support along the ascending trendline that connects the lowest swings since August last year. It is common for assets to go parabolic after hitting a crucial support level.

Moreover, GMT has risen above the 23.6% Fibonacci Retracement level and the 50-day moving average. It also moved to the top of the trading range of the Murrey Math Lines. Therefore, these gains may be limited because there was no major news that led to its rebound. If this happens, the token will likely retest the strong pivot reverse level at $0.15.