GMT Price Defies Crypto Market Slump, Targets Another 85% Rally
Stepn’s native token GMT is making waves in the cryptocurrency space with its impressive performance. While the entire cryptocurrency market, including Bitcoin (BTC), Ethereum (ETH), and XRP, struggled to gain momentum on December 27, 2024, GMT outperformed them all with a significant 55% gain. Main assets.
GTM Price Momentum
As of press time, GMT Currently trading close to $0.21, it has gained more than 55% in the past 24 hours. During the same period, its trading volume surged 1,350%, indicating increased participation from traders and investors in the ongoing bull market.
The significant upward momentum can be attributed to its bullish price action, recent breakout, and continued accumulation of whales.
GMT Technical Analysis and Upcoming Levels
According to expert technical analysis, GMT recently broke out of a consolidation area where whales were heavily accumulating the coin. However, although GMT initially broke above this area yesterday, it failed to sustain above it. Nonetheless, strong interest from traders and a significant increase in long positions have pushed GMT up 55%.
Riding on this significant upward momentum, GMT has reached a key resistance level, having previously faced selling pressure and price declines. This time, however, the sentiment appears to be different as traders and long-term holders continue to bet on the altcoin, which could help it break above the strong barrier near $0.214.
Based on recent price action, if GMT breaks recent resistance and closes above $0.22, it could surge 85% to the $0.40 mark in the future. However, the $0.25 mark may pose a challenge to the altcoin during the rally.
GMT open interest surges 210%
According to on-chain analytics firm coin glassGMT open interest surged 210% in the past 24 hours, indicating traders formed new positions. Additionally, long-term holders who accumulated GMT tokens during the recent consolidation phase appear to be dumping them onto exchanges, according to Coinglass data.
GMT spot inflow/outflow data shows that the exchange witnessed massive inflows of $1.02 million worth of GMT, indicating token dumping. However, this inflow is relatively lower than the number of tokens accumulated by long-term holders.
