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The on-chain analytics platform, Lookonchain, revealed in a tweet earlier today that 3 whales collectively deposited a staggering 6.83 million STEPN (GMT), equivalent to $1.71 million, into the centralized exchange platform OKX. Interestingly, these same individuals had previously withdrawn GMT from Binance when the altcoin was trading at a higher price.
We noticed that 3 whales deposited 6.83M $GMT ($1.71M) to #OKX 2 hrs ago.
— Lookonchain (@lookonchain) July 18, 2023
They withdrew $GMT from #Binance on Dec 7 and Dec 8, 2022, when the price was ~$0.4。
Will they sell $GMT at a loss?https://t.co/kS2cRg8d89https://t.co/vI6qB2vQ1xhttps://t.co/LOj2trxuDr pic.twitter.com/tncLtHN1PF
Lookonchain’s data indicated that these same whales withdrew GMT on December 7 and December 8 of 2022, at a time when the price of the crypto was approximately $0.4. If these whales decide to rid themselves of the deposited GMT tokens, it will result in them selling at a loss as the altcoin was worth $0.2483 at press time, according to CoinMarketCap.
This came after GMT saw its price drop by 1.41% over the past 24 hours of trading. The cryptocurrency’s price loss caused it to weaken against the crypto market leader Bitcoin (BTC) by about 0.23% as well. Meanwhile, GMT was still up against Ethereum (ETH) by 0.31% at press time.
In addition, GMT’s latest price decrease did not make much of a dent in its weekly performance as the crypto was still firmly set in the green zone at +14.39% over the past seven days. The altcoin’s monthly performance was also still looking up as it was in the green by more than 24%.
The altcoin lost the support of two major levels over the past 24 hours, as it plummeted more than 11% over the past 48 hours. During this time, the cryptocurrency breached the $0.2707 and the $0.2525 support levels, where it continued to trade at press time.
Despite this steep drop, a bullish technical flag had recently been triggered on GMT’s daily chart, as the 9-day EMA line crossed above the 50-day EMA line yesterday. This signaled that the altcoin had entered into a medium-term positive trend and its price may rise in the coming week.
Should this bullish thesis be validated, GMT’s price may recover to trade back above the aforementioned $0.2707 and $0.2525 support levels. If there is a continuation of this potential bullish momentum, the cryptocurrency may even break above $0.2895 as well to challenge the next major mark at $0.3212 in the upcoming couple of weeks.
However, a daily candle close below the 9-day and 50-day EMA lines may put GMT at risk of breaking below the $0.2278 support. Persistent sell volume could also drag the altcoin’s price down to $0.2063 in the coming seven days.
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