Within the scope of recent unexpected events, the price of the GMT token attracted attention, especially today, with an increase of 40%. This was surprising, considering the token’s years-long downward trend and consolidation process. Interestingly, during this period when the crypto market was generally declining, the appreciation of GMT increased the interest of investors. So why is GMT, the native token of the FSL ecosystem, suddenly gaining value?
Increase in Trading Volume and Open Positions
The price of STEPN GMT started to rise about a month ago but retreated with the overall downtrend of the crypto market, falling to $0.129 as the bottom of the month. The recovery, which began three days ago, was accompanied by increased trading activity from investors and a rise in token demand. 24-hour trading volume reached $1.92 billion, an increase of 228.37%. Additionally, Coinglass reports showed a 63% increase in open positions.
As a result, the price of the GMT token has increased by 40% in the last 24 hours and is up 60% on a weekly basis. With this increase, market capitalization increased to $621.89 million. Although there was no obvious reason, liquidations of short positions in December showed that investors were betting against GMT’s current rise.
Technical Analysis and Future Expectations
The GMT chart is forming a reversal head-and-shoulders formation, which is indicative of a potential bullish reversal following a 60% weekly rally. While the RSI indicator gives a bullish signal, it is in the overbought zone, which indicates that the trend may change in the long term. The Awesome Oscillator has also started to give a bullish signal, indicating that the STEPN GMT token can reach the $0.4155 target if it rises above the $0.248 level. However, a drop in the price to $0.161 could negatively impact the bullish momentum.
GMT, the token of the FSL ecosystem, reached an all-time high of $4.11 three and a half years ago. However, with the downward trend lasting for years, the target level fell by 95% and long-term investors suffered huge losses. The current situation offers short-term profit opportunities with the GMT price constantly increasing. Investors can evaluate the potential for profit by strategic planning, given the increasing demand and transaction volume. However, Bitcoin $94,486.3 It should be noted that a possible drop in price could affect the entire crypto market, including GMT.
Emerging Market Conditions
Increased interest in the GMT token has led to an increase in flows to crypto exchanges. If this increase continues, it could have a positive impact on GMT price. However, it is recommended to make careful and strategic transactions, taking into account market fluctuations. Although GMT’s technical indicators look positive, changes in market conditions require investors to be cautious.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
