On Friday, Lookonchain, a blockchain tracking firm, shared a tweet revealing that a savvy trader had executed 13 trades on GMX. The trader’s strategy involved consistently purchasing at low prices and selling at high prices, resulting in a substantial profit of $430K. The tweet further disclosed that the trader held 7,187 GMX, with an average buying price of $71.53. This impressive feat showcases the potential for smart money trading in the cryptocurrency market.
This morning, Lookonchain provided an update on the smart money trader, sharing that they had purchased 3,252 GMX with $250K USDC just 8 hours ago. The platform disclosed that the trader’s latest acquisition was made at a buy price of $76.88.
Based on current market prices, the trader’s recent acquisition of GMX has boosted their total holdings to an impressive 10,349, valued at approximately $807K. With an average purchase price of $73.2 across all trades, this savvy investor has demonstrated a shrewd understanding of the market and a keen eye for opportunity. Their strategic approach to portfolio management is a testament to their professionalism and expertise in the field.
According to CoinMarketCap, GMX has experienced a 1.75% increase in price within the past 24 hours, bringing its current value to $77.92. Additionally, this altcoin has demonstrated a 0.64% and 0.65% strengthening against Bitcoin (BTC) and Ethereum (ETH), respectively. These figures indicate a positive trend for GMX in the cryptocurrency market.
Currently, GMX’s price is hovering near the lower limit of the consolidation channel, which ranges from $75.31 to $82.10. However, there is a glimmer of hope as the altcoin’s daily chart reveals a positive trend line. This trend line has been established due to the higher lows that GMX’s price has printed over the past two weeks. Overall, the situation is cautiously optimistic for GMX.
If GMX surpasses the 9-day EMA line by the end of today’s trading session, the stock will ascend towards the upper boundary of the price channel within the next 24-48 hours.
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.
