GMT is down by more than 3% despite crucial announcements

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.