Here is why GMT is up by more than 15% today

The crypto market is up by nearly 1% today as it slowly recovers from the poor start to the week.

The cryptocurrency market cap is closing in on $1.8 trillion after adding less than 1% to its value in the last 24 hours. At press time, the total crypto market cap stands at $1.79 trillion, up by less than 1% so far today. 

Bitcoin is up by more than 2% in the past 24 hours and is now trading above $39k per coin. It could surpass the $40k psychological level if the bulls remain in control of the market. Ether remains above $2,800 after adding less than 1% to its value recently.

GMT, the native token of the STEPN project, is one of the best performers amongst the top 50 cryptocurrencies by market cap. GMT is up by more than 18% so far today, outperforming the other major cryptocurrencies in the market.

The primary catalyst behind this ongoing rally is the announcement by NFT marketplace OpenSea that it now supports the STEPN project. STEPN is the latest Solana-based project to be listed on OpenSea after the earlier support of Solanart.

At press time, GMT is trading at $4.0 per coin.

Key levels to watch

The GMT/USDT 4-hour chart is currently positive as STEPN has been bullish in recent days. STEPN is the best performer amongst the top 50 cryptocurrencies by market cap.

The MACD line crossed into the positive zone yesterday, thanks to the ongoing rally. The 14-day RSI of 72 shows that GMT is close to entering the overbought region.

If the rally continues, GMT would likely cross the first major resistance level at $4.5 over the next few hours or days, setting a new all-time high in the process. However, it would need the support of the broader market to cross the $5 psychological level in the short term. 

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