GMT Price Resists Crypto Market Downturn, Sets Sights on Additional 85% Surge
GMT, the native token of Stepn, has been generating a lot of attention in the cryptocurrency market due to its impressive performance. Despite the struggles faced by other major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and XRP, GMT has managed to outperform them all with a remarkable 55% increase in value.
As of now, GMT is trading at around $0.21 and has experienced a significant upside momentum of over 55% in the past 24 hours. This surge in momentum is accompanied by a staggering 1,350% increase in trading volume, indicating increased participation from traders and investors during this bullish run.
The notable increase in GMT’s value can be attributed to its bullish price action, a recent breakout from a consolidation zone, and continuous accumulation by large-scale investors known as whales.
According to expert technical analysis, GMT recently broke out of a consolidation zone where whales had accumulated a significant number of tokens. Although GMT initially broke out of the zone yesterday, it was unable to sustain its position above it. Despite this setback, strong trader interest and a rise in long positions have propelled GMT’s value by 55%.
With this impressive momentum, GMT has reached a crucial resistance level where it previously faced selling pressure and a decline in price. However, this time the sentiment seems different as traders and long-term holders continue to have confidence in the altcoin, potentially helping it overcome the strong hurdle near $0.214.
Based on recent price action, if GMT manages to breach the resistance level and close a daily candle above $0.22, it could potentially surge by 85% and reach the $0.40 mark in the future. However, during this rally, there may be challenges for the altcoin at the $0.25 level.
According to on-chain analytics firm Coinglass, GMT’s open interest has soared by 210% in the past 24 hours, indicating the formation of new positions by traders. Additionally, data from Coinglass reveals that long-term holders who accumulated GMT tokens during the consolidation phase are now selling them on exchanges.
Data from GMT spot inflow/outflow shows that exchanges have witnessed a significant inflow of $1.02 million worth of GMT, indicating token dumping. However, this inflow is relatively lower compared to the amount of tokens accumulated by long-term holders.
Tags: Crypto news