Whales Deposit a Mixed 6.83M GMT to OKX, Selloff to Come?

• Lookonchain tweeted that 3 whales transferred a staggering 6.83 million GMT to OKX at present.
• If these whales resolve to promote the deposited GMT will probably be at a loss.
• At press time, GMT was buying and selling at $0.2483 following a 1.41% drop previously 24 hours.

The on-chain analytics platform, Lookonchain, revealed in a tweet earlier at present that 3 whales collectively deposited a staggering 6.83 million STEPN (GMT), equal to $1.71 million, into the centralized change platform OKX. Curiously, these similar people had beforehand withdrawn GMT from Binance when the altcoin was buying and selling at the next value.

Lookonchain’s knowledge indicated that these similar whales withdrew GMT on December 7 and December 8 of 2022, at a time when the value of the crypto was roughly $0.4. If these whales resolve to rid themselves of the deposited GMT tokens, it is going to lead to them promoting at a loss because the altcoin was value $0.2483 at press time, in response to CoinMarketCap.

This got here after GMT noticed its value drop by 1.41% over the previous 24 hours of buying and selling. The cryptocurrency’s value loss brought about it to weaken towards the crypto market chief Bitcoin (BTC) by about 0.23% as nicely. In the meantime, GMT was nonetheless up towards Ethereum (ETH) by 0.31% at press time.

As well as, GMT’s newest value lower didn’t make a lot of a dent in its weekly efficiency because the crypto 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 nonetheless wanting up because it was within the inexperienced by greater than 24%.

The altcoin misplaced the assist of two main ranges over the previous 24 hours, because it plummeted greater than 11% over the previous 48 hours. Throughout this time, the cryptocurrency breached the $0.2707 and the $0.2525 assist ranges, the place it continued to commerce at press time.

Regardless of this steep drop, a bullish technical flag had not too long ago been triggered on GMT’s day by day chart, because the 9-day EMA line crossed above the 50-day EMA line yesterday. This signaled that the altcoin had entered right into a medium-term constructive pattern and its value could rise within the coming week.

Ought to this bullish thesis be validated, GMT’s value could get well to commerce again above the aforementioned $0.2707 and $0.2525 assist ranges. If there’s a continuation of this potential bullish momentum, the cryptocurrency could even break above $0.2895 as nicely to problem the following main mark at $0.3212 within the upcoming couple of weeks.

Nevertheless, a day by day candle shut beneath the 9-day and 50-day EMA strains could put GMT liable to breaking beneath the $0.2278 assist. Persistent promote quantity might additionally drag the altcoin’s value all the way down to $0.2063 within the coming seven days.

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