On December 27, 2024, while the overall cryptocurrency market, including major assets such as Bitcoin (BTC), Ethereum (ETH), and XRP, was under bearish pressure, Stepn's GMT token attracted attention with a significant increase of 55% within 24 hours. This shows the independent strength of GMT compared to the general market trend.
GMT Price Dynamics
• Current price: About 0.21 USD.
• Trading volume: Up 1,350% in the last 24 hours, reflecting growing interest from traders and investors.
Reasons for price increase:
1. Breakout from the consolidation zone: Crypto whales have significantly accumulated GMT tokens before the price surge.
2. Increase in open interest: The open interest of GMT has increased by 210% in the past 24 hours, indicating new buying positions are forming.
3. Positive market sentiment: Long-term holders continue to place their trust in this token, despite increased cash flow into the exchange.
Technical Analysis of GMT
According to Theo Coinglass and Trading View, GMT is at a significant resistance level near $0.214, where this token previously faced strong selling pressure. However, if the price closes above $0.22 on the daily chart, it is highly likely that GMT will continue to rise.
• Short-term target: $0.25 (the first barrier).
• Long-term target: $0.40 (+85%), if it successfully breaks above $0.25.
Capital Flow and Accumulation Data
• Incoming cash flow to the exchange: $1.02 million GMT in the past 24 hours.
• Accumulation by long-term holders: Despite signs of selling, the amount of tokens remains relatively low compared to previous accumulation.
Conclusion
The strong breakout of GMT despite the overall market downtrend indicates significant growth potential in the short term. However, investors need to closely monitor the resistance level of $0.22 and the subsequent barriers to make appropriate decisions.