GMT, Stepn’s native token, is making waves in the cryptocurrency space with its impressive performance. On December 27, 2024, as the overall cryptocurrency market struggled to gain momentum, including Bitcoin (BTC), Ethereum (ETH), and XRP, GMT outperformed all major assets with significant bullish momentum of 55%.
GTM Price Dynamics
At press time, GMT is trading near $0.21 and has seen upward momentum of over 55% in the past 24 hours. During the same period, its trading volume soared 1,350%, indicating increased participation from traders and investors amid an ongoing uptrend.
The significant bullish momentum can be attributed to bullish price action, a recent breakout, and continued whale accumulation.
GMT technical analysis and upcoming level
According to expert technical analysis, GMT recently broke out of a consolidation zone where whales had significantly accumulated tokens. However, even though GMT initially broke out of the zone yesterday, it failed to hold it above it. Despite this, strong trader interest and a notable rise in long positions propelled GMT by 55%.
With this notable bullish momentum, GMT has reached a crucial resistance level, where it previously faced selling pressure and falling prices. However, this time the sentiment seems different as traders and long-term holders continue to bet on the altcoin which could help it clear the major hurdle near $0.214.
Based on recent price action, if GMT breaks the recent resistance level and closes a daily candle above $0.22, it could surge 85% to reach the $0.40 mark at l ‘future. However, during the rally, a hurdle at the $0.25 level could pose challenges for the altcoin.
GMT Open Interest Soars 210%
According to the on-chain analytics company coin mechanismGMT open interest jumped 210% in the last 24 hours, indicating the formation of new positions by traders. Additionally, as Coinglass data reports, long-term holders who recently accumulated GMT tokens during the consolidation phase appear to be dumping them on exchanges.
GMT spot inflow/outflow data reveals that exchanges saw a large inflow of $1.02 million in GMT, indicating token dumping. However, this inflow is comparatively lower than the amount of tokens accumulated by long-term holders.
