STEPN (GMT) has broken above a short and long term resistance line and is slowly moving towards its higher range.
GMT was falling below a descending resistance line since May 13. The downside movement gave rise to a low of $0.53 on June 13. Initially, there was a break above the $0.84 horizontal support area.
However, the price continued to rise and broke the descending resistance line on June 20 and retested the $0.84 area shortly after. It presents the previous breakdown only as a divergence (green circle). Overall, the support area has been present for around 54 days.
If the upward move continues, the nearest resistance area will lie at $1.34.
short term movement
cryptocurrency trader @Celtralt Tweeted a chart from GMT, which shows that the price has bounced off a horizontal support area.
Since the tweet, the price even broke a short-term descending resistance line. It is currently attempting a move above the 0.618 Fibonacci Retracement resistance level. It unsuccessfully attempted to do so on June 5 and is now ready for another attempt.
If successful in doing so, the price is expected to move towards the $1.34 resistance area.
GMT wave count analysis
The most likely waveform calculation shows that price is in a C wave of ABC corrective formation (black). Giving waves A:C a 1:1 ratio would yield a high level of $1.34. There is a clear five sub-wave upward motion (red) that completes wave A.
If the wave A:C ratio is 1:1, it will move higher to $1.34, bringing the price to the main horizontal resistance area.