- Lookonchain tweeted that three whales transferred a staggering 6.83 million GMT to OKX at this time.
- If these whales resolve to promote their deposited GMT, they are going to endure a loss.
- On the time of writing, GMT was buying and selling at $0.2483 after falling 1.41% over the previous 24 hours.
On-chain analytics platform Lookonchain revealed in a tweet earlier at this time that three whales collectively deposited a staggering 6.83 million STEPN (GMT) value $1.71 million into centralized buying and selling platform OKX. made it Apparently, these identical people had beforehand withdrawn GMT from Binance when altcoins have been buying and selling at excessive costs.
Lookonchain information exhibits that these identical whales withdrew GMT on Dec. 7 and Dec. 8, 2022, at which era the cryptocurrency was priced at round $0.4. In response to CoinMarketCap, if these whales determined to get rid of their deposited GMT tokens, they’d seemingly promote them at a loss, because the altcoin was value $0.2483 on the time of writing.
That was after the GMT value fell 1.41% within the final 24 hours of buying and selling. Bitcoin (BTC), the chief within the cryptocurrency market, fell about 0.23% because of the cryptocurrency value drop. In the meantime, GMT was nonetheless up 0.31% in opposition to Ethereum (ETH) on the time of writing.
Furthermore, GMT’s newest value drop didn’t have a major impression on weekly efficiency as GMT was nonetheless firmly set within the inexperienced zone at +14.39% over the previous seven days. The altcoin’s month-to-month efficiency was additionally up by over 24% and was nonetheless on an upward pattern.
Altcoins plunged greater than 11% within the final 48 hours and misplaced two main ranges of assist within the final 24 hours. Throughout this time, the cryptocurrency broke by the assist ranges of $0.2707 and $0.2525 and was nonetheless buying and selling on the time of writing.
Regardless of this plunge, a bullish technical flag was lately triggered on the GMT every day chart because the 9-day EMA line broke above the 50-day EMA line yesterday. This means that the altcoin has entered a medium-term constructive pattern, which may result in value positive factors subsequent week.
If this bullish idea is examined, the GMT value may rally above the aforementioned assist ranges of $0.2707 and $0.2525. If this potential bullish momentum continues, the cryptocurrency may break above $0.2895 and even problem the subsequent main mark of $0.3212 within the coming weeks.
Nevertheless, if the every day candlestick closes under the 9-day and 50-day EMA strains, GMT could possibly be vulnerable to falling under the $0.2278 assist. Continued promoting quantity may push the altcoin value all the way down to $0.2063 over the subsequent seven days.
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