- GMT is expected to make gains between 44% and 70% in the next few weeks.
- Investors must be cautious despite bullish metrics.
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Stepn [GMT] This candidate is one of many.
AMBCrypto looked at the token’s on-chain metrics. The Web 3.0 app with a focus “move to earn” showed bullish signs – but should investors seek to buy now?
The bulls are getting stronger
The average coinage has increased since November. This was a sign of accumulation. However, December and January saw a significant drop in this metric.
In the last six weeks, it has resumed its upward trajectory. The growth of the network was also positive.
This indicated that the tokens continued to be collected and new addresses were created.
On the 3rd March, the dormant distribution saw a big spike. This was followed by a correction in price from $0.33 down to $0.29 the following day. Since then, the circulation has not seen any significant increases.
Over the past three week, MVRV was increasing along with prices. It reflected that investors were making a profit. This led to concerns over profit-taking and selling pressure.
Analysis of the balances of the addresses holding the GMT token showed that the whales were in a purchasing spree.
Early March saw an impressive increase in wallets between 1 million and 100 million GMT, while smaller address balances decreased as a percent. Whales who are well-informed may be preparing for a rally.
Highlighting key areas in the price chart
The data supported the idea that there was a healthy demand for and accumulation of GMT. AMBCrypto looked at the heatmap of liquidation levels from Hyblock.
It was estimated that $300 million in liquidations or more were made to the north.
These $0.398, $0.407, $0.422, $0.465 and other values populated the list. Prices are therefore expected to rise to these levels, one after the other, depending on the strength in demand.
Investors should also pay attention to the price charts of the lower timeframes in order to maintain the bullish trend.
A shift in structure at the lower timeframes might indicate that GMT is ready to plunge lower and has seized liquidity from above.
A decline below $0.254 will signal a downward trend in the lower timeframes.
Traders and investors should therefore be careful and manage their risk appropriately.
Fibonacci Extension Levels (white) revealed that the trend of the higher timeframe was still in place through 2024.
The $0.2295 price level was also established as a key swing low, and a zone of demand.
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The OBV formed a band over the past 10 week, indicating that buying pressure was not dominant. The RSI indicated bullish momentum at 66.
The bullish metrics and structure of GMT made it a good time to buy if the price retested the $0.3-$0.34 range. If the price breaks above $0.375, it would indicate that the $0.45-$0.61 levels are the next targets. next targets.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: ambcrypto.com