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The cryptocurrency market has been underperforming over the past 48 hours. 

The cryptocurrency market has continued its poor efficiency this week. The complete market cap is down by almost 2% within the final 24 hours, with the most important cash at the moment buying and selling within the crimson zone. The complete market cap at the moment stands at round $870 billion.

Bitcoin, the world’s main cryptocurrency, continues to commerce beneath the $20k mark after dropping more than 2% of its worth within the final 24 hours. Meanwhile, Ether has maintained its value above $1,000 despite dropping 2% of its worth right now.

GMT, the native token of the STEPN walk-to-earn ecosystem, has misplaced more than 3% of its worth within the final 24 hours. This newest improvement comes despite STEPN saying two main updates in the previous couple of hours.

On Tuesday, STEPN revealed that it generated $122.5 million in profits via its platform charges within the second quarter. As a outcome, STEPN will use 5% of the earnings to provoke a Q2 GMT buyback and burn program. 

STEPN additionally launched a brand new characteristic referred to as Health Points (HP) earlier right now. The crew added that the HP attribute could be displayed within the Sneaker’s background within the type of a capsule.

Key ranges to look at

The GMT/USD 4-hour chart is bearish as STEPN has been underperforming over the past 24 hours.

The MACD line is beneath the impartial zone, indicating bearish momentum. The 14-day relative energy index of 37 reveals that GMT may quickly enter the oversold area if the bears stay in management.

At press time, GMT is buying and selling at $0.83 per coin. GMT may slip beneath the $0.731 help stage earlier than the top of the day. In the occasion of an prolonged bearish efficiency, GMT may lose its second main help stage at round $0.66.