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The Coin Web3 project was launched and it would crash! Here’s what happened

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STEPN, a Web3 coin project that was successful after its retirement from China, has made a spectacular comeback. The popular Move-to-Earn project has turned the cryptocurrency market upside down with a 75% price increase over the past 7 days.

The rumored dead Web3 coin project has made a spectacular comeback!

A few days before the start of summer 2022, STEPN had to make an announcement that it reduced the price of the token by 30%. But despite the project’s dire future, GMT has gained 75% of its value in the past seven days. This shows that investors are still ready to support the walk-to-earn business model.

Over the span of a day, GMT is successfully heading towards the first resistance level on the way to a full return to rallying. As of now, STEPN has reached the 50-day moving average, which acts as a barrier between falling and rising assets.

Coin Web3

STEPN technical view (GMT).

Cryptocurrency analyst Arman Shirinyan analyzes the technical outlook of the Web3 coin project as follows: The 200-day moving average is the main resistance level for any asset exiting a strong downtrend. In the event of a turnaround, we will see a complete trend reversal as other daily resistance levels, including this level, have not yet formed.

Unfortunately, in the past few hours, STEPN has not been able to break out of the 50-day EMA. It has also reversed around 10% in the past few hours. This suggests that the lack of trading volume over the weekend prevented GMT from entering full rally mode.

What was the announcement that could kill the Coin Web3 project?

cryptocurrency.com As mentioned in his news, at the end of May he made an announcement on the official STEPN Twitter account. In this announcement, he informed Chinese investors of STEPN’s upcoming bans from the platform due to the regulatory problems he is facing in China.

Fortunately, the Web3 coin project allowed investors to withdraw all of their holdings. It also allowed them to use alternative ways of accessing the app. STEPN continuously monitors the performance of each device connected to an account. In this way, it offers the opportunity to monitor the progress of the person. Unfortunately, this also prevents using the app with a VPN.

Coin Web3

What is STEPN (GMT)?

STEPN is a distinctive Web3 lifestyle app with GameFi elements on the Solana Blockchain. Combine gaming features to make money with a fitness app to create a new category called “move to earn”. Users purchase NFT sneakers which they can use to earn in-game money while walking or running.

STEPN encourages millions of users to follow a healthier lifestyle. In doing so, it aims to revolutionize the fitness app market. The app solves several problems with Proof-of-Move and a working GPS system that proves users are actually exercising. Furthermore, STEPN financially incentivizes users. It also plans to introduce social reward elements. It thus successfully contributes to carbon neutrality.

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