GMT, the native token of Stepn, is making waves in the cryptocurrency realm with its impressive performance. On December 27, 2024, while the overall cryptocurrency market struggles to gain momentum including Bitcoin (BTC), Ethereum (ETH), and XRP, GMT has outperformed all major assets with a significant 55% upside momentum.
At press time, GMT is trading near $0.21 and has experienced an upside momentum of over 55% in the past 24 hours. During the same period, its trading volume has skyrocketed by 1,350%, indicating heightened participation from traders and investors amid an ongoing bull run.
The significant upside momentum can be attributed to its bullish price action, a recent breakout, and continuous accumulation by whales.
According to expert technical analysis, GMT recently broke out of a consolidation zone where whales had significantly accumulated tokens. However, while GMT initially broke out of the zone yesterday, it failed to sustain above it. Despite this, strong trader interest and a notable rise in long positions have propelled GMT by 55%.
With this notable upside momentum, GMT has reached a crucial resistance level, where it previously faced selling pressure and a price decline. However, this time, the sentiment appears different as traders and long-term holders continue to bet on the altcoin, potentially helping it break through the strong hurdle near $0.214.
Based on the recent price action, if GMT breaches the recent resistance level and closes a daily candle above $0.22, it could soar by 85% to reach the $0.40 mark in the future. However, during the rally, a hurdle at the $0.25 level could pose challenges for the altcoin.
According to the on-chain analytics firm Coinglass, GMT open interest has surged by 210% in the past 24 hours, indicating the formation of new positions by traders. Additionally, long-term holders who recently accumulated GMT tokens during the consolidation phase appear to be dumping them onto exchanges, as reported by Coinglass data.
Data from GMT spot inflow/outflow reveals that exchanges have witnessed a significant inflow of $1.02 million worth of GMT, indicating token dumping. However, this inflow is comparatively lower than the amount of tokens accumulated by long-term holders.
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