In the ever-evolving world of digital currencies, GMT, the native token of Stepn, is making significant strides. As of December 27, 2024, GMT stands out amidst a sluggish cryptocurrency market, showcasing a remarkable 55% surge in momentum. This growth comes at a time when major assets like Bitcoin (BTC), Ethereum (ETH), and XRP are struggling to gain traction.
GTM Price Momentum
Currently, GMT is trading close to $0.21, marking a substantial upward movement of over 55% within the last 24 hours. This rally is supported by an unprecedented 1,350% increase in trading volume, highlighting the heightened interest from traders and investors during this ongoing bull run. The impressive momentum is largely driven by a bullish price action, a recent breakout from a consolidation zone, and continuous token accumulation by large holders, commonly referred to as ‘whales’.
GMT Technical Analysis and Upcoming Levels
Technical analysis suggests that GMT has recently emerged from a consolidation phase, during which whales significantly accumulated the token. Although GMT initially broke free from this zone, it faced challenges sustaining its position above it. Nonetheless, robust trader interest and a significant increase in long positions have propelled GMT’s price by 55%.
Currently, GMT is confronting a crucial resistance level, a point where it previously encountered selling pressure leading to a price dip. However, the current sentiment appears more optimistic, with traders and long-term holders showing continued confidence in the altcoin. This optimism may support GMT in overcoming the strong resistance near $0.214. Should GMT successfully breach this resistance and close a daily candle above $0.22, there is potential for the token to ascend by 85%, potentially reaching the $0.40 mark. However, traders should remain vigilant of a potential hurdle around the $0.25 level, which could pose challenges during the upward rally.
GMT Open Interest Surges by 210%
Data from on-chain analytics firm Coinglass reveals that GMT open interest has experienced a dramatic 210% increase over the last 24 hours, indicating the establishment of new positions by traders. Furthermore, long-term holders who accumulated GMT during the consolidation phase appear to be offloading their holdings onto exchanges, as reflected in Coinglass reports.
Analysis of GMT’s spot inflow and outflow data indicates a notable inflow of $1.02 million worth of GMT into exchanges, suggesting a phase of token dumping. Despite this, the inflow is relatively minor compared to the volume of tokens that long-term holders have previously accumulated. This balance between accumulation and inflow could play a pivotal role in shaping GMT’s future price trajectory.
