GMT Daily Analysis | Bearish Continuation Toward Key Support

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🧠 Technical Analysis of GMT Coin – Daily Timeframe
This analysis reviews the recent price behavior of GMT coin on the daily chart. Based on the current market structure, there are multiple technical signals suggesting the continuation of the downtrend and a possible entry into a consolidation phase.

1. 🚀 Sharp Uptrend Followed by a Correction Phase
Initially, GMT experienced a sharp bullish rally, accompanied by a noticeable surge in trading volume, pushing the price to higher levels. However, after the rally peaked, the price entered a corrective phase that still appears to be ongoing.

2. ❌ Breakdown of the Key $0.058 Support Level
One of the most critical developments during the correction was the breakdown of the $0.058 support zone. This level had previously acted as a strong support area. Its failure signals growing selling pressure and increases the likelihood of the downtrend continuing.

3. 📉 Bearish Reaction to the 3 SMA Indicator
During its downward movement, the price encountered the 3 SMA indicator (a combination of three Simple Moving Averages). The key observations are:

All recent candlesticks have closed below the SMA lines

This is considered a strong bearish confirmation in technical analysis

It also highlights the dominance of sellers at this stage of the market

4. 🛡 Major Support Area at $0.043
Given the ongoing bearish pressure, the $0.043 support level has become a critical area to watch. Historically, this level has successfully prevented further declines and may act as a strong support once again.

If the price reaches this zone, it may:

Show a supportive reaction (respect the level)

Enter a short-term consolidation range

Or potentially initiate a new bullish wave, depending on candlestick formations and trading volume around that level

✅ Final Summary:
The overall trend remains bearish for now

The break of $0.058 and candlestick closures below the 3 SMA confirm ongoing selling pressure

The $0.043 level is a critical support zone that could trigger a potential reversal or consolidation

🗞 Recent GMT Weekly Highlights
Here are the key developments from the past week in the GMT ecosystem:

1️⃣ 🔥 Buyback & Burn of 600M GMT Tokens
GMT DAO announced a massive buyback of 600 million tokens worth around $100M. After a community vote, these tokens may be burned — a move expected to reduce supply and potentially support price growth.

2️⃣ 👟 Adidas Partnership & NFT Sneakers
The STEPN project partnered with Adidas to launch 1,200 limited edition physical sneakers tied to NFTs. This collaboration aims to boost brand visibility and attract new users.

3️⃣ 🎁 Massive Community Airdrop
An additional 600 million GMT tokens will be distributed via airdrop to increase community engagement and encourage participation in DAO governance.



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