The rally in NFT or Gamefi projects in 2023 is surprising, particularly since most of them have lost most of their capitalization. In the last 24hrs, STEPN saw a 21% increase in price.
STEPN (GMT) has gained more than 100% of its value since the recovery of the cryptocurrency market began. Basically, it shows one of the best performances of the top 100 assets.
Delphi Digital reports that both NFTs and GameFi have seen a recovery of inflows. According to them, this explosive rally was possible because of the historically high volatility of the assets. Moreover, the overall recovery of the NFT and DEFI industries.
This trend is likely to be driven by increased tolerance for risk. Meme assets like Shiba Inu and Dogecoin have also seen an increase in investors who have been on the sidelines for more than a year.
GameFi and NFTs are risky, like volatile assets. With the further recovery of the market, we will most likely see a continuation of ascending movements on assets like STEPN, as their true potential will reveal itself during rallies, as we saw in 2021.
There is no way to predict how long the recovery rally on the market or STEPN specifically will last. A 200-day moving average indicates that GMT is approaching local resistance at $0.69. According to the news, other assets broke through and gained a foothold above this resistance.
