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STEPN [GMT], a Web3 lifestyle application with social and game elements, recently registered a massive decrease in its user base. In the month of February, STEPN’s user base surged considerably, as it grew more than 100 times in the next few months.
However, a recent report from Messari suggested that things have changed quite a bit as STEPN’s daily active users dropped by 80%. Not only DAUs, but new users have also decreased from 20% to 5% of STEPN’s total user base.
.@Stepnofficial’s daily active users have dropped by 80%.
New users have decreased from 20% to 5% of STEPN’s total user base. pic.twitter.com/hVQN8GHDrA
— Messari (@MessariCrypto) September 10, 2022
Despite this change, GMT did not seem to hold back as it registered more than 14.5% 24 hour gains. This is higher than several cryptos with a larger market capitalization. At press time, GMT was trading at $0.7681 with a market cap of $460,851,414
A quick metric look
A look into GMT’s metrics gave positive hopes as most of them backed the price surge and indicated a further rise. For instance, GMT’s 30-day Market Value Realized Value (MVRV) Ratio gained upward momentum after declining for quite some time, which is a bullish signal.
Interestingly, the uptick was also backed by high volume, providing additional support to the massive surge.
![](https://statics.ambcrypto.com/wp-content/uploads/2022/09/STEPN-on-BNB-GMT-11.40.53-10-Sep-2022.png)
Source: Santiment
While GMT’s price was increasing, its social dominance also spiked as the community showed more interest in the token. However, though GMT’s 365-day MVRV Ratio also increased, it was way below the 30-day MVRV Ratio, which might cause hindrance to GMT’s upward movement in the coming days.
![](https://statics.ambcrypto.com/wp-content/uploads/2022/09/STEPN-on-BNB-GMT-11.42.01-10-Sep-2022.png)
Source: Santiment
Going ahead
GMT’s four-hour chart told a different story, as several market indicators suggested a possible price crunch in the coming days. The Relative Strength Index (RSI) and Chaikin Money Flow (CMF), after increasing considerably over the last two days, have registered a downtrend. This minimizes the chances of a further price surge.
Moreover, the Bollinger Bands (BB) indicated that GMT’s price was in a high volatility zone, indicating that the price might enter a squeezed zone soon.
![](https://statics.ambcrypto.com/wp-content/uploads/2022/09/GMTUSDT_2022-09-10_10-45-36.png)
Source: TradingView
Nonetheless, the Exponential Moving Average (EMA) Ribbon and Moving Average Convergence Divergence (MACD) indicated otherwise. Both the indicators displayed a bullish crossover, which increases the possibility of a further price increase.
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