- Three prominent whales deposit $1.71 million worth of GMT into OKX.
- Prominent investors withdrew GMT from Binance at a higher value.
- GMT’s price decline has minimal impact on its weekly and monthly performance.
According to Lookonchain, a prominent on-chain analytics platform, it has come to light that three prominent whales have made a substantial deposit of 6.83 million STEPN (GMT) into the centralized exchange platform OKX. This impressive amount is equivalent to a staggering $1.71 million. Notably, it is intriguing to observe that these individuals had previously withdrawn GMT from Binance when the altcoin was trading at a higher value.
According to Lookonchain’s data, it was observed that the aforementioned prominent investors withdrew their GMT holdings on December 7 and December 8, 2022, when the cryptocurrency was valued at around $0.4. If these influential investors choose to divest their deposited GMT tokens, it will lead to a situation where they sell at a disadvantageous price, as the current value of the altcoin stands at $0.2483, as per CoinMarketCap.
GMT experienced a decline of 1.41% in its price during the last 24 hours of trading, resulting in a slight weakening of the cryptocurrency against the dominant market leader Bitcoin (BTC), by approximately 0.23%. However, GMT managed to maintain a positive performance against Ethereum (ETH) by 0.31% at the time of this report.
Furthermore, despite GMT’s recent price reduction, it had minimal impact on its weekly performance, as the cryptocurrency continued to exhibit strong growth, with a remarkable increase of 14.39% over the past seven days. Moreover, GMT’s monthly performance remained highly positive, showcasing a substantial gain of over 24%.
In the last 24 hours, the altcoin experienced a significant decline of over 11%, resulting in the loss of support from two crucial levels. Over the past 48 hours, the cryptocurrency breached the support levels of $0.2707 and $0.2525, and it is currently still trading at these levels at the time of writing.
Despite the significant decline, GMT’s daily chart recently exhibited a bullish technical flag when the 9-day EMA line surpassed the 50-day EMA line yesterday. This indicates that the altcoin has entered a medium-term positive trend, potentially leading to a price increase in the upcoming week.
If this optimistic analysis proves to be accurate, GMT’s price could experience a rebound and surpass the previously mentioned support levels of $0.2707 and $0.2525. If the bullish momentum continues, the cryptocurrency can surpass $0.2895 and reach the significant milestone of $0.3212 within the next few weeks.
Nevertheless, should the 9-day and 50-day EMA lines be breached by a daily candle close, there is a potential for GMT to face a downside break below the crucial support level of $0.2278. Additionally, a sustained increase in selling pressure could exert further downward pressure on the altcoin’s price, potentially leading it to decline to $0.2063 within the next seven days.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
