Cryptocurrency Market Analysis: December 29, 2024
The cryptocurrency market has witnessed significant bearish activity recently. Among the top decliners, $GMT $SCRT and $GLMR have shown notable losses. Here’s a closer look:
Market Trends
1. GMT (Green Metaverse Token):
Current Price: $0.1699
24-hour Change: -11.60%
GMT has taken a sharp downturn, possibly due to decreased trading volume and weak investor sentiment. Short-term traders should exercise caution.
2. SCRT (Secret Network):
Current Price: $0.4688
24-hour Change: -11.50%
SCRT is struggling to maintain support levels amid selling pressure. Investors may consider waiting for a potential reversal before re-entering.
3. GLMR (Moonbeam):
Current Price: $0.2646
24-hour Change: -9.20%
GLMR shows slightly better resilience compared to GMT and SCRT. However, it remains in a bearish phase, likely influenced by overall market conditions.
Trading Signals
Short-term Signal: All three cryptocurrencies are experiencing a strong downtrend. Traders could explore short-selling opportunities but must set tight stop-loss levels to mitigate risk.
Long-term Signal: For long-term investors, it’s recommended to wait for consolidation or a trend reversal before committing additional capital.
Key Levels to Watch
GMT: Support at $0.165, Resistance at $0.180
SCRT: Support at $0.450, Resistance at $0.500
GLMR: Support at $0.250, Resistance at $0.280
