The cryptocurrency market has been underperforming over the last 48 hours.
The cryptocurrency market has continued its poor performance this week. The total market cap is down by nearly 2% in the last 24 hours, with the major coins currently trading in the red zone. The total market cap currently stands at around $870 billion.
Bitcoin, the world’s leading cryptocurrency, continues to trade below the $20k mark after losing more than 2% of its value in the last 24 hours. Meanwhile, Ether has maintained its price above $1,000 despite losing 2% of its value today.
GMT, the native token of the STEPN walk-to-earn ecosystem, has lost more than 3% of its value in the last 24 hours. This latest development comes despite STEPN announcing two major updates in the last few hours.
On Tuesday, STEPN revealed that it generated $122.5 million in profits through its platform fees in the second quarter. As a result, STEPN will use 5% of the profits to initiate a Q2 GMT buyback and burn program.
STEPN also introduced a new feature called Health Points (HP) earlier today. The team added that the HP attribute would be displayed in the Sneaker’s background in the form of a capsule.
Key levels to watch
The GMT/USD 4-hour chart is bearish as STEPN has been underperforming over the last 24 hours.
The MACD line is below the neutral zone, indicating bearish momentum. The 14-day relative strength index of 37 shows that GMT could soon enter the oversold region if the bears remain in control.
At press time, GMT is trading at $0.83 per coin. GMT could slip below the $0.731 support level before the end of the day. In the event of an extended bearish performance, GMT could lose its second major support level at around $0.66.
The post STEPN underperforms despite introducing quarterly buyback and burn appeared first on CoinJournal.
