Bullish Trend Predicted for GMT Token; 44%-70% Rise Expected
The Essentials in Brief
The GMT token could increase by 44%-70% in the coming weeks. Despite bullish indicators, investors should practice strict risk management. The altcoin market capitalization has increased by 274 billion dollars since January 24.
GMT Token: A Worthwhile Investment?
The GMT token, supported by the Web 3.0 application Stepn, could represent a buying opportunity should prices fall to $0.3. The median coin age has increased since November, indicating strong accumulation. Network growth and the number of new addresses holding the token have also risen.
Bulls Gathering Strength
An analysis of the addresses holding the GMT token shows that whales, or large investors, are buying more. Wallets with 1 million to 100 million GMT saw a notable increase in early March. At the same time, the proportion of smaller addresses decreased. This could suggest that well-informed whales are preparing for a rally.
Price Development and Key Areas
The metrics support the idea of healthy demand and accumulation of GMT. There are several price levels with estimated liquidations of $300 million or more. Prices are therefore likely to rise to these levels, based on the strength of demand. However, investors should keep an eye on price developments on smaller timeframes to ensure that the bullish structure is maintained.
Our Assessment
Overall, the bullish structure and metrics suggest that GMT presents a buying opportunity if prices fall back to $0.3-$0.34. A rise above $0.375 would signal that the next targets are $0.45 and $0.61. However, investors should be cautious and practice appropriate risk management.
Sources: Akashnath S, Saman Waris, Santiment, Hyblock, TradingView.
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