In a series of surprising events, the GMT price began skyrocketing, especially today, as it’s up 40%. It’s surprising, as the token has been under a major downtrend and consolidation for years. Interestingly, the token is up when the crypto market is falling, gaining every investor’s attention. So, let’s discuss why the FSL ecosystem’s native token is pumping out of the blue.
GMT Price Booming With Increased Trading Volume & OI
STEPN GMT’s price began rising around a month ago, but it fell short and declined again with the crypto market’s downtrend. After that, it hit the month’s bottom at $0.129 before starting a recovery three days ago. This happened because investors’ trading activity increased its demand. This becomes clearer when the 24-hour trading volume hits $1.92B after a 228.37% surge. Additionally, the Coinglass reports reveal a 63% increase in Open Interest.
As a result, the GMT token’s price has surged 40% over the last 24 hours. More importantly, it’s up by 60% over the week, pushing its market capitalization to $621.89M. Interestingly, there is no significant reason behind this increased investor interest, but there was a spike in short liquidations in December. Although this suggests that traders are betting against the current surge, they got liquidated with the GMT price rally.
Eventually, the shorts began rebuying the assets and accelerating the STEPN token price. However, in contrast, the crypto exchange has witnessed an increased inflow of the GMT token. If this inflow or dumping continues, it could eventually affect the GMT price. Additionally, a possible Bitcoin price crash to $60k could influence the entire crypto market’s performance, including GMT.
Will GMT’s Price Rally Sustain?
After a 60% rally over the week, the GMT chart is forming an inverse head and shoulders pattern, which is a sign of a potential bullish reversal. Additionally, the RSI is bullish, adding to the previous outlook, but it’s near the overbuying zone, which could change things in the long term.
However, the Awesome Oscillator is flipping bullish as it attempts to flip above the zero mean level. With that, a breakout above $0.248 could push the STEPN GMT token to $0.4155. However, the price could drop to $0.161 before this breakout, but any move down to $0.161 could disturb the bullish momentum. Careful consideration and strategic trades need to be placed between these zones.
What Investor’s Should Do?
The FSL ecosystem’s token hit its prime around three and half years ago when it achieved the ATH of $4.11. However, with years of struggle, the target has moved 95% away from that, putting the long holder in a major loss. However, the current situation has opened the opportunity for immediate gains, as the GMT price is constantly moving upwards. As a result, the investors are also getting ready for sale with the inflows rising on the crypto exchanges. Clear strategic planning and careful trades are needed to earn profits, as the STEPN GMT token’s chart forms an inverse head and shoulders pattern. This could push the price to $0.4155 and higher if things went well.
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