The price of STEPH (GMT) was rallying actively against the currency (dollar) of the U.S. this week and it gave a look that an iconic bullish pattern known as ‘the bull flag’. The price of GMT increased by 30% in a week and a strong rally was established which made a high data of $3.85 and then the price came down to $3.00. The phase of correction took place inside the parallel channel that was descending and this increases the probability of the price breaking out at some point to the upside.
GMT Is Leading The Bull Flag Towards A Target Of $5
This situation arose just due to the fact that conservative analysts like run-ups that are strong and they also consider correction of the price that must be within range as there is a continuation of bullishness in the setups.
The general rule of identifying the bull flag target used by the traders is by taking into account the past height of uptrend and then it is protected from the point of breakout. The rate of success of the bull flag in fulfilling the upside target is about 64% as per Thomas Bulkowski, who is an analyst and an investor for a long time.
There is a huge risk of the price of GMT dropping below $2.00 if the price breaks below the lower trendline of the bull flags. This is the last support left which is related to the 4 hours and 50 days span of EMA and the red wave is at $2.91.
There was a surge in GMT by approximately 38,000% in the past two months in between the buzz of the ‘move-to-earn-economic model of STEPN that offers rewards to the users of the app with a currency known as Green Satoshi Token (GST) for circulating. Michaël van de Poppe, an analyst of the market is terrified of the capitalization of the market of GMT which is currently at $1.9 billion.
