The Stepn token, known as GMT, has shown impressive growth in the cryptocurrency market. On December 27, 2024, despite a challenging market situation, GMT has outpaced major assets with a 55% rise.
GMT Price Momentum
Currently, GMT is trading near $0.21, experiencing an over 55% rise within the past 24 hours. During the same period, trading volume has surged by 1,350%, indicating increased participation among traders and investors amid a bullish run.
GMT Technical Analysis and Price Levels
According to expert technical analysis, GMT recently broke out of a consolidation zone where whales had significantly accumulated tokens. While GMT initially broke out of the zone, it failed to sustain above it. Despite this, strong trader interest and a notable rise in long positions have propelled GMT by 55%.
GMT Open Interest Surges
According to the on-chain analytics firm Coinglass, GMT open interest has surged by 210% in the past 24 hours, indicating the formation of new positions by traders. Long-term holders who recently accumulated GMT tokens during the consolidation phase appear to be dumping them onto exchanges, Coinglass data reports.
The GMT token, outperforming major market assets, has shown significant growth. As traders continue to increase their positions, upcoming developments could impact the future trajectory.
